A recent event marking International Women’s Day in Fiji highlighted the critical need for collaboration in promoting gender equality within the financial sector. Caroline Waqabaca, chief manager of the Reserve Bank of Fiji’s Financial System Development Group, emphasized the importance of collective effort in creating gender-sensitive financial products and advocating for policies that empower women in the country.
Speaking at the event, Waqabaca pointed out that when women thrive, economies flourish, underscoring the clear economic benefits of investing in women-led businesses. She called upon financial institutions, the government, and community leaders to work together to dismantle barriers to women’s financial inclusion and representation.
This initiative aligns with recent remarks from Sashi Kiran, the Minister for Women, Children, and Social Protection, who noted that women’s economic empowerment not only fosters social progress but also enhances productivity and overall economic performance. Kiran emphasized that substantial progress has been made in various areas, though challenges such as the underrepresentation of women in leadership roles remain.
At the event, Nitin Gandhi, Chairman of the South Pacific Stock Exchange, shared statistics indicating that women hold 25% of board positions in SPX-listed companies. This is a notable figure compared to global averages, even as he acknowledged that more efforts are necessary to further increase representation, particularly as some individuals occupy multiple directorships.
Furthermore, efforts such as the Women Entrepreneurs Finance Initiative (WE-Fi) Code, which has seen growing endorsement from financial institutions in Fiji, reflect a commitment to support women-led micro, small, and medium enterprises. The initiative aims to improve access to financial services and create a more inclusive financial environment, benefiting not just individual women but the community and economy as a whole.
As the month-long celebration of women continues in Fiji, the sentiment of hope served as a backdrop. The collaborations within the financial sector signal a positive movement towards gender equality, potentially leading to a more balanced and prosperous society. With sustained efforts, there is optimism that the strides made towards empowering women will result in significant advancements in representation and opportunities in the future.
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