The Savings & Loan Societies Act 2015 is yet to be gazetted.
The amendments, passed by parliament in 2015, allow for contributors to choose which Savings & Loans Societies to save with.
Currently, members are restricted to contributing to only one society.
According to Deputy Prime Minister & Treasurer, Charles Abel, the changes are aimed at providing options for contributors, and ultimately building a savings culture.
“Despite the amendments being passed in 2015, it has not been gazetted as yet by the Governor General – hopefully this can be done in the coming months. The changes will allow contributors to be free to choose to save with multiple Savings & Loan Societies. This is part of the Government’s efforts in providing a conducive environment for developing a savings culture,” Abel said.