Eseta Nadakuitavuki took a significant step towards supporting women in business during the launch of a collaborative initiative aimed at elevating female entrepreneurs. The former bank officer and Permanent Secretary for Women, Children, and Social Protection encouraged four financial institutions to adopt a code focused on enhancing opportunities for women in business.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code was endorsed by Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and South Pacific Stock Exchange. These new signatories join the Reserve Bank of Fiji, Fiji Development Bank, and two ministries that had already committed to the Code earlier this year.
Nadakuitavuki emphasized the necessity of dismantling barriers and ensuring that women’s voices are recognized and valued within the financial sector. She identified cultural norms, insufficient financial literacy, and systemic biases as factors hindering women.
With the introduction of the WE-Fi Code, Nadakuitavuki asserted that the initiative represents a significant stance on encouraging women’s empowerment in business. The Reserve Bank of Fiji noted that Fiji is among the first countries in the region and worldwide to adopt the Code, positioning the nation as a leader in this initiative.
According to RBF Governor Ariff Ali, the WE-Fi Code signifies a commitment by financial service providers and institutions to work collaboratively in increasing funding for women-led micro, small, and medium enterprises globally, allowing them to contribute more effectively to the economy and their communities.
Ali commended the institutions for their proactive commitment to supporting women in Fiji, highlighting their role as industry leaders in advocating for women’s entrepreneurship and empowerment.
The signing ceremony took place at the Reserve Bank and was attended by representatives from the participating institutions and ministries. This collaborative effort marks a pivotal development in Fiji’s pursuit of gender equality and economic growth for all.
Through the Code, the institutions vow to improve access to financial services for women and women-led MSMEs, fostering an inclusive environment for gender equality in finance. They also commit to appointing a Gender focal point within their organizations and providing pertinent data related to women-led MSMEs.
Westpac Fiji, represented by CEO Shane Smith, was the first commercial bank in Fiji to adopt the WE-Fi Code, aligning with the bank’s core values and its ongoing support for women and girls both in the workplace and community. This includes initiatives like the Women of Westpac Employee Action Group and efforts to maintain 40 percent women in leadership roles, as well as 13 years of offering Women and Girls Education Grants.