The Access to Business Funding Bill is set to be approved by the Fiji Parliament next week, as confirmed by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica. During his parliamentary address, Kamikamica highlighted the significant financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in accessing finance, a problem faced globally.
Kamikamica pointed out that these challenges are particularly pronounced in rural areas, where cooperatives have historically demonstrated their efficacy, especially among the indigenous Taukei population. This legislative move aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, signifying the important role these organizational models can play in promoting sustainable development and social progress.
To bolster the cooperative sector, the Fijian government is planning to modernize the legal framework governing cooperatives. This includes anticipated amendments to the Co-operatives Act within the year. Additionally, a newly established Cooperative Development Fund has been approved by Parliament, aimed at enhancing the operational capabilities of cooperatives.
Public consultations earlier this year highlighted that many SMEs struggle to access traditional financing due to barriers such as inadequate revenue histories, credit ratings, or collateral—factors that collectively contribute to a substantial funding gap. The Access to Business Funding Bill aims to bridge this gap through innovative financing solutions, including a small-offer regime for equity capital raising, and provisions for investment-driven crowdfunding options like equity crowdfunding (ECF) and peer-to-peer lending (P2PL).
With the bill progressing towards approval, there is an optimistic outlook regarding its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, the initiative promises to significantly benefit the wider community and enhance the resilience of Fiji’s economy. The proactive stance taken by the Fijian government reflects a hopeful commitment to cultivating a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.
This legislative effort provides a significant opportunity for change, promoting economic empowerment and social advancement, paving the way for a more prosperous future in Fiji.
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