The Access to Business Funding Bill in Fiji is anticipated to receive parliamentary approval next week, as announced by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. The legislation is aimed at addressing the significant financial challenges faced by micro, small, and medium enterprises (MSMEs) and cooperatives, a pressing concern recognized both locally and internationally.
Kamikamica emphasized the essential need for enhanced access to finance as crucial for economic empowerment, particularly in rural regions where cooperatives have proven effective, especially among the indigenous Taukei community. This initiative aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, underlining the role of cooperative models in promoting sustainable economic and social development.
To bolster the cooperative sector, the Fijian government is set to modernize the legal framework governing cooperatives, with amendments to the Co-operatives Act expected this year. Moreover, the recently established Cooperative Development Fund, recently approved by Parliament, aims to significantly enhance the operational capabilities of cooperatives, demonstrating the government’s commitment to strengthening this vital sector.
Recent public consultations revealed that many SMEs encounter barriers when seeking traditional financing due to insufficient revenue histories, credit ratings, or collateral, leading to a considerable funding gap. The Access to Business Funding Bill is designed to provide solutions to these challenges by introducing innovative financing options such as a small-offer regime that allows private companies to raise equity capital more easily and provisions for investment-driven crowdfunding, including equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
As the bill progresses towards approval, there is increasing optimism that it will create a more inclusive financial environment in Fiji. By empowering entrepreneurs and fostering local economic growth, this initiative could significantly benefit communities and enhance the resilience of Fiji’s economy. The government’s proactive measures reflect a hopeful commitment to nurturing a vibrant entrepreneurial ecosystem capable of sustaining long-term growth and development across the nation.
This legislative initiative represents a significant step forward in addressing the access to finance issues faced by MSMEs and cooperatives, promoting transformative economic opportunities for many communities in Fiji.
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