A recent celebration of International Women’s Day in Fiji brought attention to the essential role of collaboration in advancing gender equality within the financial sector. Caroline Waqabaca, the chief manager of the Reserve Bank of Fiji’s Financial System Development Group, underscored the need for a joint effort to develop gender-sensitive financial products and policies that empower women across the nation.
Waqabaca emphasized that when women succeed, economies benefit, highlighting the economic advantages of investing in women-led enterprises. She urged financial institutions, government bodies, and community leaders to unite in overcoming obstacles to women’s financial inclusion and representation.
Complementing this viewpoint, Sashi Kiran, the Minister for Women, Children, and Social Protection, remarked on the dual benefits of women’s economic empowerment, noting its capacity to spark both social progress and enhanced productivity. While acknowledging the advancements made, Kiran also pointed out the ongoing challenge of underrepresentation of women in leadership positions.
At the event, Nitin Gandhi, Chairman of the South Pacific Stock Exchange, shared that women currently occupy 25% of board positions in companies listed on the exchange, a figure that stands positively against global averages but still highlights the need for further progress. He recognized that some individuals hold multiple directorships, indicating that while strides are being made, there is still work to be done.
Additionally, initiatives like the Women Entrepreneurs Finance Initiative (WE-Fi) Code are gaining traction among financial institutions in Fiji, showcasing a tangible commitment to supporting women-led micro, small, and medium enterprises. This initiative aims to enhance access to financial services and foster an inclusive financial ecosystem that benefits not only women but the wider community.
As Fiji continues its month-long celebration of women, the atmosphere is infused with optimism. The collaborative efforts within the financial sector are paving the way toward gender equality and potentially fostering a more equitable and prosperous society. There is hope that ongoing initiatives will lead to significant improvements in women’s representation and economic opportunities in the near future.
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