The Access to Business Funding Bill is poised for approval next week, according to Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, who announced this during a parliamentary session. This critical legislation aims to tackle the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives in Fiji, a pressing issue recognized both nationally and internationally.
Kamikamica emphasized the urgent need for improved access to finance, particularly in rural areas where cooperatives have proven effective, especially among the indigenous Taukei population. This initiative is further validated by the United Nations’ designation of 2025 as the International Year of Cooperatives, underlining the importance of cooperative models in supporting sustainable development and social progress.
The Fijian government intends to modernize the legal framework governing cooperatives, with anticipated amendments to the Co-operatives Act expected this year. Moreover, the newly established Cooperative Development Fund, which has received parliamentary approval, aims to significantly enhance the operational capacities of cooperatives, demonstrating the government’s commitment to strengthening this vital sector.
Public consultations carried out earlier this year revealed that many SMEs are struggling to access traditional financing routes due to barriers such as insufficient revenue histories, credit ratings, or collateral—this results in a significant funding gap. The Access to Business Funding Bill seeks to address this gap through innovative financing solutions, including a small-offer regime that allows private companies to raise equity capital more easily and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill approaches approval, there is a growing sense of optimism regarding its potential to create a more inclusive financial environment in Fiji. This initiative is expected to empower entrepreneurs and stimulate local economic growth, ultimately benefiting the wider community and enhancing the resilience of Fiji’s economy. The proactive steps taken by the government reflect a hopeful commitment to fostering a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development across the nation.
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