Regulatory Alerts2020-01-01
Minimum Requirements for Commercial Banks on Internal Microfinance Divisions and Units
The Reserve Bank of Fiji issued Banking Supervision Policy Statement No.14 to establish minimum requirements for commercial banks operating in Fiji to create internal microfinance divisions and units. The policy mandates that banks integrate these specialized units into their operational structure, develop approved in-house microfinance policies, and ensure adequate staffing, training, and financial resources to serve low-income households and micro-enterprises. Compliance is enforced through mandatory reporting, on-site examinations, and potential sanctions for non-compliance, with the policy taking effect on January 1, 2010.
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