The recently published Gender Finance Inclusion Report by the Reserve Bank of Fiji unveils a concerning gap in the financial sector’s support for women-owned micro, small, and medium enterprises (MSMEs). The report indicates that, apart from a development bank and a microfinance institution, the majority of financial institutions in Fiji lack specific strategies tailored to the needs of women entrepreneurs, focusing mainly on offering financial literacy and business training.
Highlighting the absence of gender-disaggregated data, the report reveals that most commercial banks do not track metrics related to their female business clientele. This lack of data is seen as a significant barrier, preventing financial institutions from gaining insights that could inform tailored strategies for supporting female entrepreneurs. The findings underscore a widespread perception among financial institutions that women’s businesses are informal, micro, and therefore not worthy of dedicated financial strategies.
Nevertheless, there are noted exceptions in the landscape. Fiji Development Bank (FDB) and Merchant Finance are actively exploring strategies to address this gap, with Merchant Finance conducting market assessments to develop products specifically for women-led businesses. Several financial institutions have initiated efforts toward serving the MSME sector through new offerings and initiatives, such as FDB’s introduction of parametric insurance products that align with gender and climate finance goals.
The statistics show that women own 30 percent of all registered MSMEs in Fiji and are joint owners of an additional 13 percent. Of these, 38 percent are micro enterprises, and even medium-sized enterprises have a notable 15 percent representation of women owners. This indicates significant potential in nurturing women-led businesses, especially as an estimated 40,000 women are involved in informal employment, many operating their own businesses.
This report echoes findings from previous studies that emphasize the ongoing challenges women face in accessing financial services. Women’s access to credit remains largely limited, with stricter requirements often imposed on female borrowers, despite comparable performance to their male counterparts. The continued advocacy and initiatives like the Women Entrepreneurs Finance Initiative (WE-Fi) Code point to a collective commitment in Fiji to improve financial inclusivity.
The momentum for positive change is evident as more institutions recognize the need for gender-focused strategies, creating an optimistic outlook for the future of women in business. As policies evolve and more initiatives are launched, there is potential for an empowered and economically vibrant female entrepreneurship sector, contributing significantly to Fiji’s overall economic growth and sustainability.
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