A new legislative framework aimed at revitalising Fiji’s credit union sector has been introduced in Parliament yesterday.
The tabling of the Credit Union Bill 2025 seeks to replace the outdated Credit Unions Act of 1954.
An explanatory note to the Bill states credit unions have operated in Fiji for over 50 years, but their growth has been slow, largely due to an outdated legal and regulatory framework that has not kept pace with global best practices.
The Credit Union Bill 2025 proposes a modern structure designed to promote public confidence and strengthen the safety and soundness of credit unions operating in the country.
The Bill has been developed with guidance from the World Council of Credit Unions’ Model Law and technical assistance provided to the Reserve Bank of Fiji.
It also incorporates feedback from government agencies, the Fiji Savings and Credit Union League, and local credit union representatives.
“The goal is to strike a balance between robust oversight and avoiding unnecessary regulatory burdens,” states the note.
Under the proposed law, the Reserve Bank of Fiji will assume expanded responsibilities as the Registrar of credit unions. This includes authority over registration, licensing, supervision, and enforcement actions.
The Bill is in 14 parts and 172 clauses and is expected to usher in a new era of accountability and stability for credit unions.
