Regulatory AlertsFiji: fintech & payments regulation
RegulatedRBF supervises payments under NPSA 2021; FX regulated under Exchange Control Act
- Lead regulator
- Reserve Bank of Fiji
- Also involved
- None identified
- Core law
- National Payment System Act 2021
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- —
- Data protection
- —
- Sandbox
- No
The Reserve Bank of Fiji (RBF) is the primary regulator for fintech and payments, operating under the National Payment System Act 2021 and its 2022 Regulations. The RBF mandates licensing for all payment service providers and system operators. Additionally, foreign exchange activities are strictly regulated under the Exchange Control Act 1998, requiring specific authorization for any FX dealing.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Service Provider Licence[1][2] Mandatory licensing under NPSA 2021 for payment processing services. | — | — | Reserve Bank of Fiji |
| E-money & wallet issuance | LicencePayment Service Provider Licence[1][2] Issuance of e-money falls under payment service provider licensing. | — | — | Reserve Bank of Fiji |
| Domestic money transfer | LicencePayment Service Provider Licence[1][2] Domestic transfers require PSP licensing under the NPS Act. | — | — | Reserve Bank of Fiji |
| Cross-border remittance | LicencePayment Service Provider Licence[1][2] Cross-border remittance requires PSP licence and FX authorization. | — | — | Reserve Bank of Fiji |
| Agent network | LicencePayment Service Provider Licence[1][2] Agent networks operate under the umbrella of the licensed PSP. | — | — | Reserve Bank of Fiji |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified in source documents. | — | — | — |
| Foreign-exchange services | LicenceRestricted Foreign Exchange Dealer Licence[3] FX dealing requires specific authorization under Exchange Control Act. | — | — | Reserve Bank of Fiji |
New — what changed recently
- 2024-12-30National Payment System Regulations 2022 Commencement — Regulations 17 to 19 of the NPS Regulations 2022 officially commenced, enhancing RBF oversight powers.[4]
- 2025-12-01Access to Business Funding Act 2025 — Established streamlined fundraising pathways for private companies, impacting fintech funding structures.[5][6]
- 2026-03-01Credit Union Act 2025 — Repealed the 1954 Act, bringing credit unions under comprehensive RBF supervision and licensing.[7][8]
Market-entry checklist
- 1Apply for PSP LicenceSubmit application to RBF under the National Payment System Act 2021.
- 2Establish Risk FrameworkImplement comprehensive risk management and AML/CTF frameworks as mandated by RBF policy.
- 3Secure FX AuthorizationObtain Restricted Foreign Exchange Dealer licence if offering FX services.
- 4Implement Complaints MechanismAdhere to RBF Minimum Guidelines on Complaints Management for customer protection.
Sources
- National Payment System Act 2021 · 2021-02-17
- National Payment System Regulations 2022 · 2022-04-29
- Types of Businesses Permitted for Restricted Foreign Exchange Dealers · 2020-01-01
- LN 102 of 2024 National Payment System Regulations 2022 Commencement Notice · 2026-02-06
- Legal Notice No. 65 & 66 of 2025 Commencement Notice for Access to Business Funding Act 2025 and Access to Business Funding (Small Offer) Regulations 2025 · 2026-02-06
- Access to Business Funding Act 2025 · 2026-02-06
- Credit Union Act 2025 · 2026-03-05
- Legal Notice No. 20 Commencement Notice – Credit Union Act 2025 · 2026-03-05