Fiji’s Path to Financial Empowerment: Is the Access to Business Funding Bill the Game Changer?

The Access to Business Funding Bill is expected to receive approval next week, according to an announcement made by Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, during a recent parliamentary session. This important legislation aims to address significant financial challenges that micro, small, and medium enterprises (MSMEs) and cooperatives face in Fiji—issues recognized both locally and internationally.

Kamikamica pointed out the critical need for improved access to finance, especially in rural areas where cooperatives have proven effective, particularly among the indigenous Taukei population. The initiative aligns with the United Nations’ designation of 2025 as the International Year of Cooperatives, highlighting the vital role that cooperative models can play in promoting sustainable economic development and social advancement.

The Fijian government is also planning to modernize the legal framework governing cooperatives with anticipated amendments to the Co-operatives Act this year. Additionally, the recently approved Cooperative Development Fund aims to enhance the operational capabilities of cooperatives, further reinforcing the government’s commitment to this essential sector.

Public consultations conducted earlier this year revealed that many SMEs struggle to access traditional financing options due to barriers such as inadequate revenue histories, credit ratings, or collateral, resulting in a noticeable funding gap. The Access to Business Funding Bill seeks to bridge this gap by introducing innovative financing solutions that include a small-offer regime allowing private companies to raise equity capital more easily, as well as investment-driven crowdfunding options, such as equity crowdfunding (ECF) and peer-to-peer lending (P2PL).

As the bill moves towards approval, there is a growing sense of optimism about its potential to foster a more inclusive financial environment in Fiji. By empowering entrepreneurs and stimulating local economic growth, this initiative could have far-reaching positive effects for the broader community and enhance the resilience of Fiji’s economy. This proactive approach taken by the government reflects a hopeful commitment to establishing a vibrant entrepreneurial ecosystem capable of supporting sustained growth and development throughout the nation.