Outdated laws such as the Consumer Credit, Banking and the Money lending Acts need changes.
Finance Minister Aiyaz Sayed-Khaiyum says this involves a significant amount of work.
He adds most of the banks in Fiji are foreign owned, but don’t yet have the same standards as those applied overseas.
“Most of the banks in Fiji do operate in other jurisdictions except for Home Finance. Every other single bank in Fiji operates in other jurisdictions. So the various standards in those jurisdictions is perhaps is not in Fiji at the moment but therefore it should not be hard transition to upgrade or up skill the Fijian system to what exists in other jurisdictions.”
Sayed-Khaiyum adds the financial services sector is growing, contributing about 11 percent to the Gross Domestic Product.
