Eseta Nadakuitavuki has taken a significant step toward empowering women in business with the launch of an initiative aimed at supporting female entrepreneurs. The former bank officer and Permanent Secretary for Women, Children and Social Protection successfully encouraged four financial institutions to endorse a code designed to enhance the status of women in business.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code was signed by Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and South Pacific Stock Exchange. These new participants join existing signatories, including the Reserve Bank of Fiji, Fiji Development Bank, and various government ministries that committed to the Code earlier this year.
Nadakuitavuki emphasized the importance of dismantling barriers and ensuring that women’s voices are prominent and valued within the financial sector. She highlighted that cultural norms, inadequate financial literacy, and systemic biases have historically hindered women’s progress.
With the introduction of the WE-Fi Code, she stated, “We are taking a stand.” Fiji has now positioned itself as a trailblazer in this initiative, leading both regionally and globally.
According to Reserve Bank of Fiji (RBF) Governor Ariff Ali, the WE-Fi Code represents a pledge from financial service providers, regulators, and development banks to work collectively on increasing financial support for women-led micro, small, and medium enterprises (MSMEs), thereby contributing to economic growth and community wellbeing.
Ali pointed out that each institution involved is already a leader in advocating for women’s entrepreneurship and empowerment. By signing the Code, they are publicly affirming their commitment to supporting women in Fiji. He praised their willingness to take action and lead by example among their peers.
The signing event, held at the Reserve Bank, included representatives from the four financial institutions and relevant ministries. This collaborative effort signifies a milestone in Fiji’s pursuit of gender equality and economic advancement.
Through the WE-Fi Code, these institutions have committed to improving financial service access for women and women-led MSMEs, as well as fostering a supportive environment for gender-inclusive finance. They also plan to designate a Gender Focal Point within their organizations and provide relevant data regarding women-led MSMEs.
Westpac Fiji was the first commercial bank in the country to sign the Code, according to CEO Shane Smith. He stated that their decision to adopt the WE-Fi Code aligns with Westpac Fiji’s core values and longstanding commitment to empowering women and girls, including initiatives like the Women of Westpac Employee Action Group, maintaining 40 percent women in leadership positions, and offering Women and Girls Education Grants for over 13 years.