Eseta Nadakuitavuki took significant steps towards supporting women in business during the launch of a new initiative aimed at empowering female entrepreneurs. The former bank officer and Permanent Secretary for Women, Children and Social Protection encouraged four financial institutions to embrace a code designed to advance the interests of women 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 institutions join the Reserve Bank of Fiji, Fiji Development Bank, and the Ministry of Women, Children and Social Protection, as well as the Ministry of Trade, Co-operatives, SMEs and Communications, which had already signed the Code in March.
“We are emphasizing the need to dismantle barriers and ensure that women’s voices are recognized and valued in the financial sector,” said Ms. Nadakuitavuki. She pointed out that cultural barriers, insufficient financial literacy, and systemic biases have historically hindered women.
“With the WE-Fi Code, we are taking a stand,” she added. According to the Reserve Bank of Fiji, Fiji is among the first countries in the region and globally to adopt this Code, positioning the nation as a pioneer in this movement.
The WE-Fi Code signifies a commitment from financial service providers, regulators, development banks, and other institutions to work together on increasing funding for women-led micro, small, and medium enterprises globally, enabling them to expand and contribute to economic growth and community development. RBF Governor Ariff Ali noted that each signatory institution is a leader in its sector and an advocate for women’s entrepreneurship and empowerment.
“This public commitment to women in Fiji is commendable,” he stated. The signing event, hosted at the Reserve Bank, included representatives from the four institutions alongside various ministries. This collaborative initiative represents a key milestone in Fiji’s quest for gender equality and economic advancement for all.
Through this code, the institutions pledge to improve access to financial services for women and women-led MSMEs while promoting an environment conducive to gender-inclusive finance. Each institution also commits to appointing a gender focal point and sharing pertinent data on women-led MSMEs.
Westpac Fiji became the first commercial bank in the country to adopt the Code, according to CEO Shane Smith. “Our choice to embrace the WE-Fi Code reflects Westpac Fiji’s core values and longstanding commitment to empowering women and girls in our workplace and community,” he noted, highlighting initiatives like the Women of Westpac Employee Action Group and their history of providing grants for women’s education.