Eseta Nadakuitavuki showcased her commitment to empowering women in business during the launch of a joint initiative aimed at this goal. The former bank officer and Permanent Secretary for Women, Children and Social Protection urged four financial institutions to endorse a code designed to support female entrepreneurs.
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 organizations join the Reserve Bank of Fiji, Fiji Development Bank, as well as the Ministries of Women, Children and Social Protection, and Trade, Co-operatives, SMEs and Communications, which had previously signed the Code in March.
Nadakuitavuki emphasized the need to break down barriers and ensure women’s voices are acknowledged within the financial sector. She pointed out that cultural norms, the lack of financial literacy, and systemic biases often hinder women’s progress.
“This WE-Fi Code represents our commitment to addressing these issues,” she stated.
Fiji is among the first nations in the region and worldwide to embrace the Code, positioning it as a leader in this initiative, according to the Reserve Bank of Fiji (RBF). The WE-Fi Code signifies a pledged collaboration among financial services providers, regulators, development banks, and other institutions to increase funding for women-led micro, small, and medium enterprises globally, thus contributing to economic growth and community development, stated RBF Governor Ariff Ali.
He noted that each signatory is a prominent figure in their sector and an advocate for women’s entrepreneurship and empowerment. By signing the agreement, they publicly demonstrate their commitment to supporting women in Fiji.
The signing event at the Reserve Bank was attended by representatives from all four institutions and relevant ministries and marks a significant advancement in Fiji’s pursuit of gender equality and economic prosperity. The RBF highlighted that the institutions committed to improving access to financial services for women and female-led MSMEs while fostering a gender-inclusive financial environment. They also pledged to designate a Gender focal point within their organizations and to share data related to women-led MSMEs.
Westpac Fiji was the first commercial bank in the country to adopt the code, as noted by its CEO Shane Smith. He stated that embracing the WE-Fi Code aligns with Westpac Fiji’s fundamental values and ongoing commitment to support women and girls in their workforce and communities, evidenced by initiatives such as their internal Women of Westpac Employee Action Group and a significant representation of women in leadership roles, as well as 13 years of offering Women and Girls Education Grants.