The Reserve Bank of Fiji (RBF) has recently announced that the Credit Union Act 2025 officially took effect on March 1, 2026. This significant legislation was approved by Parliament in December and followed comprehensive consultations within the industry, facilitated by both the RBF and the Parliamentary Standing Committee.
With the implementation of this new Act, the Reserve Bank of Fiji assumes the responsibility for administering all functions outlined in the legislation. Key responsibilities include the registration and licensing of entities involved in credit union operations.
To support credit unions and cooperatives during this transition, a 12-month grace period has been established as stipulated in section 169 of the Credit Union Act 2025. This period will enable these organizations to adjust to the new regulatory framework. During this timeframe, the central bank intends to collaborate closely with the relevant credit unions and cooperatives to facilitate a smooth transition into the updated system.
Credit unions and cooperatives currently conducting credit union business have been advised to continue their operations as usual throughout the transitional period. This guidance will remain in place until the RBF finalizes its stance on licensing and registration requirements.
This proactive approach from the Reserve Bank is expected to foster a stable and compliant credit union sector, paving the way for enhanced financial services and increased member confidence in the industry.