Eseta Nadakuitavuki took decisive action at the launch of a collaborative initiative aimed at empowering women in business. The former bank officer and Permanent Secretary for Women, Children, and Social Protection urged four financial institutions to adopt a framework that would enhance the opportunities for female entrepreneurs.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code was endorsed by Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and South Pacific Stock Exchange. These new signatories joined 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, all of whom signed the code earlier this year in March.
“We are demanding that barriers be dismantled and that women’s voices receive the recognition and respect they deserve within the financial sector,” stated Ms. Nadakuitavuki. She emphasized that cultural norms, a lack of financial education, and systemic biases hinder women’s progress.
“With the WE-Fi Code, we are taking a firm stand,” she added. Fiji has positioned itself as one of the pioneering countries in the region and globally to adopt this code, as noted by the RBF.
“The WE-Fi Code represents a commitment from financial service providers, regulators, development banks, and other financial institutions to work together to increase funding for women-led micro, small, and medium enterprises worldwide, thereby supporting their growth and contributions to the economy and their communities,” RBF Governor Ariff Ali explained.
He remarked that each institution is a leader in its field and already champions women’s entrepreneurship and empowerment. “By signing today, they are making a public declaration of their commitment to women in Fiji. I commend their readiness to make these commitments and lead among their contemporaries.”
The signing ceremony took place at the Reserve Bank, attended by representatives from the four financial institutions and government ministries. This partnership marks a significant advancement in Fiji’s pursuit of gender equality and economic prosperity for everyone, according to the RBF.
“Through this code, institutions commit to improving access to financial services for women and women-led MSMEs while fostering a supportive environment for gender-inclusive finance,” the RBF stated. They also pledged to designate a Gender focal point within their organizations and to provide pertinent data and information regarding women-led MSMEs.
Westpac Fiji was the first commercial bank in the country to endorse the code, as highlighted by Chief Executive Officer Shane Smith. “Our commitment to the WE-Fi Code reflects Westpac Fiji’s core values and ongoing commitment to supporting women and girls both in our workplace and in the community; this includes our internal Women of Westpac Employee Action Group and maintaining 40 percent women in leadership roles, alongside 13 years of providing Women and Girls Education Grants.”