Eseta Nadakuitavuki took significant steps at the launch of a joint initiative aimed at supporting women in business. The former bank officer and Permanent Secretary for Women, Children, and Social Protection encouraged four financial institutions to endorse a framework designed to enhance the interests of female entrepreneurs.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code was signed by Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and the South Pacific Stock Exchange. These new signatories align with the Reserve Bank of Fiji, Fiji Development Bank, the Ministry of Women, Children and Social Protection, and the Ministry of Trade, Co-operatives, SMEs, and Communications, who had already signed the Code earlier this year.
Nadakuitavuki emphasized the need to dismantle barriers that hinder women’s participation in the financial sector, stressing that women’s voices should be heard and valued. She pointed out that cultural norms, insufficient financial literacy, and systemic biases have been obstacles.
With the introduction of the WE-Fi Code, she remarked, “we are taking a stand.” Fiji has emerged as one of the first countries in both the region and globally to adopt this Code, positioning it as a leader in this initiative, according to the Reserve Bank of Fiji (RBF).
RBF Governor Ariff Ali stated that the WE-Fi Code represents a collaborative commitment among financial service providers, regulators, development banks, and other financial institutions to enhance funding for women-led micro, small, and medium enterprises worldwide, thereby contributing to economic growth and community value.
Each signing institution is recognized as a leader in its field and is already engaged in promoting women’s entrepreneurship and empowerment. By formally endorsing the Code, they demonstrate their dedication to supporting women in Fiji.
The signing ceremony took place at the Reserve Bank and included representatives from the participating institutions and ministries. RBF noted that this collaboration signifies a crucial step towards achieving gender equality and economic prosperity for all in Fiji.
Through the WE-Fi Code, the institutions pledge to improve financial service accessibility for women and women-led MSMEs while fostering an environment conducive to gender-inclusive finance. They also commit to appointing a Gender focal point within their organizations and providing relevant data about women-led MSMEs.
Westpac Fiji has become the first commercial bank in the nation to adopt the Code, with chief executive officer Shane Smith highlighting that their decision aligns with the bank’s core values and dedication to supporting women and girls in both workplace and community initiatives, such as their internal Women of Westpac Employee Action Group and ongoing educational grants for women and girls.