The Reserve Bank of Fiji (RBF) has collaborated with the Asian Development Bank (ADB) to celebrate the completion of the pilot phase of the Women Entrepreneurs (WE) Finance Initiative Code in Fiji, an event that gathered influential leaders from the nation’s financial sector. Speaking at the event earlier this month, RBF Governor Ariff Ali emphasized the critical role that women entrepreneurs play in fostering economic growth in Fiji.
“The Code serves as a catalyst for empowering women entrepreneurs, enhancing digital inclusion, and creating new avenues for sustainable development,” Governor Ali stated. He expressed pride in Fiji leading this pilot initiative, which showcases the potential of investing in women and leveraging technology for broader benefit.
Fiji initiated its participation in the pilot in 2024, bringing together key institutions including South Pacific Business Development, Westpac Bank, Merchant Finance Ltd, South Pacific Stock Exchange, HFC Bank, Kontiki Finance Ltd, Fiji Development Bank, and the Fiji Sugar Cane Growers Fund to endorse the Code. This collaborative effort represents a significant stride in aligning Fiji’s financial landscape with global endeavors to improve access to finance for women-led micro, small, and medium enterprises (WMSMEs).
The pilot phase has successfully illustrated how focused actions can break down systemic barriers, promote gender equality, and create inclusive environments for women entrepreneurs. Under this initiative, several achievements were highlighted:
– The gender gap in account ownership has decreased from 16% in 2015 to 10.2% today.
– Women’s engagement with digital finance has surged, reflected in a gender gap of -1.2% in active mobile money accounts, indicating a higher usage by women than men.
– The representation of women in leadership roles is on the rise within management and executive tiers.
– Women now represent 38% of all registered MSMEs, marking a notable increase from past years.
– Over 60% of financial institutions have developed gender-focused products or services.
– In the last three years, more than 12,000 women-led enterprises have successfully secured loans or financing.
These advancements underscore a hopeful trajectory toward empowering women within the economic framework of Fiji, paving the way for a more equitable and inclusive future.
Leave a comment