A new report underscores the continuing struggles faced by women in Fiji when accessing financial services, whether as individuals or as business leaders. The “Supply-Side Assessment of Gender-Inclusive Finance – Fiji” reveals a glaring disparity in financial access between men and women, especially in the 15 to 35 age group, with fewer women having bank accounts compared to their male counterparts. Women entrepreneurs also face notable barriers in securing capital, encountering more rigorous requirements and, often, smaller loans, despite having comparable turnover and documentation to male-led businesses.
This financial disparity is attributed to unconscious gender biases within lending institutions, which impose stricter conditions on female borrowers. Although Fiji has public commitments to bridging gender finance gaps and numerous financial inclusion groups, the report highlights a lack of widespread knowledge and awareness about gender-inclusive finance solutions, confined to only a select group of stakeholders.
The report also brings attention to the inadequacy of robust data on women-owned businesses, hampering financial institutions’ ability to serve this segment efficiently. High documentation requirements further hinder women from formalizing their businesses, thereby excluding them from financial services. While only a few financial institutions actively address this divide, some progress is observed with the Fiji Development Bank and South Pacific Business Development initiating efforts to support women-owned businesses.
These findings align with previous initiatives reported by the Reserve Bank of Fiji, which emphasized the importance of comprehensive efforts to close the financial inclusion gap. Notable advancements have been made, such as increased women’s bank account ownership due to advocacy by various stakeholders, including the Women Entrepreneurs Finance Initiative (WE-Fi) Code. This framework, endorsed by multiple institutions like the Reserve Bank of Fiji and the Asian Development Bank, is designed to encourage financial institutions to prioritize women’s financial participation.
Furthermore, as new local lenders join initiatives like the WE-Fi Code, Fiji continues to position itself as a leader in gender-inclusive finance, promoting a coalition of financial service providers committed to dismantling barriers impeding women’s financial participation. Achievements like the South Pacific Business Development’s expansion across the region further demonstrate the potential for women’s financial empowerment to contribute significantly to sustainable development.
In conclusion, while strides are being made towards equality in the financial sector, the report highlights a need for broader engagement and investment in gender-inclusive policies. By improving accessibility to financial services, it is possible to unlock the untapped economic potential of women in Fiji, thereby fostering a more equitable and prosperous society. With persistent efforts in advocacy and collaboration, Fiji can look toward a more gender-balanced financial ecosystem.
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