The Reserve Bank of Fiji will be carrying out a study to find out what needs to be done to improve the governance standards of credit unions in Fiji.
This had been revealed by Governor Sada Reddy while addressing the 2nd Pacific Credit Union Congress in Nadi adding Credit Unions will need to relook at their legislative environment, to ensure that they do not become archaic and hence fall behind in developments.
He said there needs to be changes to the Credit Union Act and the structure within Credit Unions and improvements in areas of delinquent loans, liquidity, technology, availability of data and information flow and reporting to Members.
Reddy said the study by the Bank will involve a thorough review of the Fiji Credit Union Act adding the review is expected to make recommendations to the Fiji Government on the appropriate licensing and supervision arrangements for the Credit Unions.
The Governor said Credit Unions need to take on board good governance and risk management practices so as to minimize losses to capital and earnings.
RBF looks at improvements
Related Stories
COMPOL urges Lagalaga Sanatan students to value discipline and education
Students of Lagalaga Sanatan Primary School in Labasa have been reminded of the importance of education, discipline and obedience by the Commissioner of Police Rusiate Tudravu. Tudravu spoke to the students during
Heavy Rain Alert remains for Viti Levu, Southern Bua, Cakaudrove, Lau and Lomaiviti Groups
A Heavy Rain Alert remains in force for the Eastern half of Viti Levu from Serua, Namosi through Navua, Suva, Nausori, Tailevu, Naitasiri, Ra, Southern Bua, Cakaudrove, Taveuni, Kadavu, Lau and Lomaiviti Groups and near
Warning letter written to Prof. Narsey – Acting AG
Acting Attorney General Siromi Turaga says a strong warning letter has been written to Electoral Reform Commissioner Professor Wadan Narsey after he came out publicly with the Electoral Reform Commission report recommen
3 Fijian men from KVT gang in Sydney denied bail for AUD$12.5M drugs case
Three Fijians who are alleged to be associated with a gang supplying drugs in Sydney have been refused bail by the court. 28-year-old Eparama Nevale, 28-year-old William Ravoka, and 24-year-old George Sukanaivalu,
Proposed ‘People First’ submits application for registration
The Proposed ‘People First’ has submitted its application for registration to the Registrar of Political Parties, Ana Mataiciwa. Mataiciwa confirms that the FEO is now preparing to publish the party’s applica
Visitor arrivals on track for record year while sugar output drops
Visitor arrivals have recovered following a decline in the first quarter and based on current trends, Fiji is on track to achieve a third consecutive year of record visitor arrivals in 2025. While speaking on the p