Eseta Nadakuitavuki demonstrated her commitment to supporting women in business during the launch of a new initiative designed to uplift female entrepreneurs. The former bank officer and Permanent Secretary for Women, Children and Social Protection urged four financial institutions to adopt a code focused on advancing the interests of women in entrepreneurship.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code was officially signed by Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and South Pacific Stock Exchange. These new signatories join existing supporters, including the Reserve Bank of Fiji (RBF), Fiji Development Bank, the Ministry of Women, Children and Social Protection, and the Ministry of Trade, Co-operatives, SMEs and Communications, who initially signed the code in March.
“We are saying that these barriers must come down and that women’s voices must be heard and valued in the financial sector,” Nadakuitavuki emphasized. She pointed out that cultural norms, a lack of financial literacy, and systemic biases are obstacles that hinder women’s progress.
“With the WE-Fi Code, we are taking a stand,” she added. This initiative positions Fiji among the first countries in the region and worldwide to implement the code, as stated by RBF.
RBF Governor Ariff Ali explained that the WE-Fi Code represents a collective commitment from financial services providers, regulators, development banks, and other financial entities to enhance funding for women-led micro, small, and medium enterprises globally. This support aims to help these businesses grow and contribute to the economy and their communities.
“Each institution is a leader in their industry and advocates for women’s entrepreneurship and empowerment,” he noted. “By signing today, they are making a public statement of their commitment to women in Fiji. I commend their readiness to take these steps and lead among their peers.”
The signing ceremony, held at the Reserve Bank, was attended by representatives from the participating institutions and ministries. This collaboration signifies a crucial advancement in Fiji’s efforts to achieve gender equality and economic prosperity.
Through the code, the institutions pledge to improve access to financial services for women and women-led MSMEs while fostering an environment conducive to gender-inclusive finance. They also commit to appointing a gender focal point and providing data and insights on women-led MSMEs.
Westpac Fiji was the first commercial bank in the country to adopt the code, according to CEO Shane Smith. He remarked that the decision aligns with Westpac Fiji’s core values and long-standing commitment to supporting women and girls, highlighting initiatives such as the internal Women of Westpac Employee Action Group and the provision of Women and Girls Education Grants over the past 13 years.