The Reserve Bank of Fiji (RBF) has officially launched the Credit Union Act 2025, which came into effect on March 1, 2026. The Act was passed in Parliament last December and is the culmination of thorough consultations conducted by the RBF in collaboration with the Parliamentary Standing Committee.
With the new legislation, the Reserve Bank assumes the responsibility of administering and overseeing all functions outlined within the Act. This includes the vital tasks of registering and licensing entities involved in credit union operations.
To facilitate a smooth adjustment to this new regulatory framework, the Act includes a 12-month transitional period as stipulated in section 169 of the Credit Union Act 2025. During this period, the RBF will actively engage with relevant credit unions and cooperatives to help them navigate the changes effectively.
Credit unions and cooperatives currently engaged in credit union business have been reassured that they can continue their operations as usual throughout the transition phase. This stability is crucial as the RBF finalizes and clarifies its licensing and registration requirements moving forward.
The implementation of the Credit Union Act 2025 marks a significant step toward enhancing the regulatory environment for credit unions in Fiji, aiming to foster a more secure and efficient banking experience for members while ensuring that these financial institutions operate under a well-defined governance framework.
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