Nikhil Aiyush Kumar 
Finance Minister Esrom Immanuel
Parliament has passed the Credit Union Bill 2025, marking one of the largest financial sector reforms in decades and setting a clear path for a stronger, more resilient credit union system.
The new law replaces the outdated 1954 Credit Union Act and aims to modernize governance and oversight.
Finance Minister Esrom Immanuel says the decline from more than 400 credit unions to just 17 active today highlights systemic weaknesses.
The Finance Minister says the reform strengthens member protection, improves risk management, and gives the Reserve Bank of Fiji oversight powers.
“This bill provides the solution. It introduces a modern, comprehensive framework that strengthens governance, embeds sound risk management practices, expands permitted services, and crucially transfers oversight to the Reserve Bank of Fiji.”
Immanuel points out that the reform follows long-standing recommendations from the 2006 IMF Financial Sector Assessment Program.
He adds that the steep decline from 400 in 2008 to just 17 in 2025 signals systemic weaknesses that cannot be ignored.
The Minister says that asset growth has stagnated, governance gaps persist, and the absence of modern supervision acts has exposed members to unnecessary risk and without legislative reform, the decline will continue.
Opposition MP Hem Chand supports the bill saying it introduces safeguards that were missing in the old law.
He says the bill provides Fiji with a credit union system that is resilient and future-ready.
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