The Access to Business Funding Bill is set to be approved next week, as confirmed by the Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a parliamentary session. This important legislation aims to tackle the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji—a concern acknowledged on both local and international platforms.
Kamikamica highlighted that access to finance is vital for fostering economic empowerment, particularly in rural areas. Cooperatives have consistently proven to be effective, especially among the indigenous Taukei population. This initiative coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, emphasizing the essential role that cooperative models can play in promoting sustainable development and social progress.
To support the cooperative sector, the Fijian government plans to modernize the legal framework governing cooperatives, with proposed amendments to the Co-operatives Act expected this year. Additionally, the recently approved Cooperative Development Fund aims to significantly enhance the operational capacities of cooperatives, showcasing the government’s commitment to fortifying this vital sector.
Recent public consultations revealed that many SMEs face substantial barriers when seeking traditional financing, primarily due to insufficient revenue histories, credit ratings, and collateral requirements. The Access to Business Funding Bill aims to address these challenges by introducing innovative solutions, including a small-offer regime that facilitates easier equity capital raising for private companies and provisions for investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses toward approval, there is growing optimism about its potential to foster a more inclusive financial environment in Fiji. The initiative is designed to empower entrepreneurs and stimulate local economic growth, which could ultimately benefit the wider community and enhance the resilience of the Fijian economy. The proactive measures reflected in this legislation indicate a hopeful commitment by the government to cultivate a vibrant entrepreneurial ecosystem capable of supporting sustained economic growth and development in the nation.
This legislative development could pave the way for transformative economic opportunities for many communities across Fiji, fostering long-term growth and resilience in an ever-changing economic landscape.
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