Eseta Nadakuitavuki demonstrated her commitment to empowering women in business during the launch of a joint initiative aimed at promoting female entrepreneurs. The former bank officer and Permanent Secretary for Women, Children, and Social Protection rallied four financial institutions to endorse a code designed to support women’s interests in the business sector.
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 signatories add to the previously established supporters, including the Reserve Bank of Fiji (RBF), Fiji Development Bank, and several governmental ministries that endorsed the Code in March.
Ms. Nadakuitavuki emphasized the need to dismantle barriers preventing women’s voices from being recognized in the financial sector. She pointed out that societal norms, financial literacy gaps, and systemic biases are significant obstacles for women.
Fiji has positioned itself as one of the first countries in the region and worldwide to implement this code, enhancing its role as a pioneer in this initiative, according to the RBF. The WE-Fi Code signifies a commitment among financial service providers, regulators, development banks, and other financial entities to work together to increase funding for women-led micro, small, and medium enterprises globally, thereby fostering growth and economic contributions to communities.
RBF Governor Ariff Ali highlighted that each participating institution leads in its field and already champions women’s entrepreneurship. By signing the Code, these organizations have made a public declaration of their commitment to supporting women in Fiji.
The signing ceremony took place at the Reserve Bank and was attended by representatives from the involved financial institutions and ministries. This collaboration represents a notable step forward in Fiji’s pursuit of gender equality and economic prosperity for everyone.
The Code commits these institutions to improving access to financial services for women and women-led MSMEs, thus fostering a supportive environment for gender-inclusive finance. The institutions will designate a Gender focal point and provide relevant data regarding women-led MSMEs.
Westpac Fiji was the first commercial bank in the country to adopt the Code, as noted by Chief Executive Officer Shane Smith. He stated that their commitment to the WE-Fi Code aligns with Westpac Fiji’s fundamental values and dedication to supporting women and girls, evidenced by efforts such as their internal Women of Westpac Employee Action Group and maintaining 40 percent of leadership roles filled by women, alongside 13 years of providing educational grants for women and girls.