In Fiji, there is a growing call for financial institutions to adopt more robust gender equality measures by integrating gender-focused strategies into their operations. This recommendation originates from the “Supply-Side Assessment of Gender-Inclusive Finance – Fiji,” highlighting ongoing disparities in access to finance for women and women-led businesses.
The report outlines a comprehensive two-pronged approach to tackle these challenges. It suggests developing a Gender Finance Strategy and a Gender Diversity and Inclusion Strategy within each institution’s business model. The Gender Finance Strategy would focus on understanding and meeting the financial needs of women and women-led enterprises through gender-disaggregated data analysis and developing customer-centric financial products and services.
The report emphasizes that such a strategy underscores a financial institution’s commitment to incorporating a gender perspective throughout its operations. By enhancing the relevance and quality of offerings to female customers, institutions can play a crucial role in bridging the gender finance gap.
The second component of the strategy calls for internal structural change through a Gender Diversity and Inclusion Strategy. This would ensure balanced leadership and equal opportunity within organizations, targeting at least 30 percent female representation in senior executive and board roles in the medium term. Enhancing workforce diversity is not only a step toward equality but also a strategy to access a vast, unexplored market segment.
To further support this transformation, the report recommends enhanced staff training, refined portfolio management processes, and inclusive workplace policies. Despite existing governmental commitments and efforts by certain pioneering institutions, the report notes that women in Fiji remain underserved by the financial system.
Historical efforts, as seen in similar reports and initiatives endorsed by the Reserve Bank of Fiji and other key players, highlight some progress in this area. However, challenges such as unconscious gender biases and a lack of comprehensive awareness about gender-inclusive finance solutions have persisted. Previous initiatives, like the Women Entrepreneurs Finance Initiative (WE-Fi) Code, have laid the groundwork but require broader implementation.
In conclusion, bridging the gender finance gap in Fiji demands both external outreach and a significant internal shift within financial institutions. These efforts are essential for promoting a more equitable and prosperous society, acknowledging that empowering women financially can drive economic growth and development. With continued advocacy and strategic collaboration, there is hope for a gender-balanced financial ecosystem in Fiji.
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