Eseta Nadakuitavuki took significant action at the launch of an 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 code that prioritizes the needs of female entrepreneurs.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code was officially signed by Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and the South Pacific Stock Exchange. These institutions join previously committed parties such as the Reserve Bank of Fiji, the Fiji Development Bank, the Ministry of Women, Children and Social Protection, and the Ministry of Trade, Co-operatives, SMEs, and Communications, who signed the code in March.
Nadakuitavuki emphasized the need to dismantle barriers and ensure that women’s voices are recognized in the financial sector, pointing out that factors like cultural norms, limited financial literacy, and systemic biases impede women’s progress. She expressed a strong resolve, stating, “With the WE-Fi Code, we are taking a stand.”
Fiji is among the first countries in the region and worldwide to implement the WE-Fi Code, which positions the nation as a trailblazer in this area, according to the Reserve Bank of Fiji (RBF). RBF Governor Ariff Ali noted that the WE-Fi Code signifies a commitment from financial service providers, regulators, development banks, and other institutions to enhance funding for women-led micro, small, and medium enterprises globally, thereby contributing to economic growth and community enrichment.
Ali praised the institutions involved, highlighting their established roles as advocates for women’s entrepreneurship and empowerment. He commended their public commitment to supporting women in Fiji and recognized their leadership among their peers.
The signing ceremony, held at the Reserve Bank, was attended by representatives from the participating institutions and ministries. This collaborative initiative is seen as a crucial step towards achieving gender equality and economic prosperity in Fiji. According to RBF, the institutions involved pledge to improve access to financial services for women and women-led MSMEs while creating an environment conducive to gender-inclusive finance. They have also committed to appointing a Gender focal point within their organizations and providing relevant data on women-led MSMEs.
Westpac Fiji was the first commercial bank in the nation to sign the code, as noted by CEO Shane Smith. He stated that adopting the WE-Fi Code aligns with Westpac Fiji’s core values and its ongoing commitment to supporting women and girls in both the workplace and the broader community. This includes initiatives such as the Women of Westpac Employee Action Group and a notable representation of women in leadership roles, as well as 13 years of providing educational grants for women and girls.