Fiji’s financial sector has grown impressively since independence when players were limited and markets were in nascent stages and highly regulated. The Reserve Bank of Fiji in collaboration with successive Governments has spearheaded financial sector reforms that have allowed the market to develop, grow and innovate in a deregulated environment. Players and stakeholders in the financial sector have invested heavily in Fiji and have remained committed to delivering products and services that have helped shape and develop Fiji’s financial sector to its current state.
Fiji’s financial sector now comprises a variety of players offering various products and services. These include the Reserve Bank of Fiji, the banking industry which consists of 6 commercial banks and 4 credit institutions, the insurance industry which has 7 general insurers, 2 life insurers, 4 insurance brokers and 524 agents, the superannuation industry consisting solely of the FNPF, the capital market comprising a single securities exchange with 19 listed companies, 2 Units Trusts, 12 investment advisors, 3 stockbrokers and 3 dealers, NBFIs consisting of 2 statutory lenders, 9 foreign exchange dealers, 2 money changers, as well as 89 co-operatives and 21 credit unions.
As at 31 December 2016, the size (gross assets) of Fiji’s financial services sector (excluding Reserve Bank) stood at F$17.4 billion.3 This represented 177.1 percent of GDP and the financial and insurance sector as a whole contributed to 9.8 percent of the GDP in 2016. Over the last five years, the financial sector’s gross assets have registered an average growth of 9.1 percent with annual growth rates ranging from 7.5 percent (2012) to 4.9 percent (2016).