The ownership of bank accounts among women in Fiji has significantly increased, contributing to a narrowing of the gender gap in financial inclusion. This positive trend has been attributed to advocacy efforts and collaborative initiatives spearheaded by the Reserve Bank of Fiji (RBF) and various financial institutions. RBF Governor Ariff Ali highlighted this achievement during an early celebration of International Women’s Day 2025, emphasizing that when women have access to financial resources, education, and networks, they are more likely to invest in their communities and contribute to sustainable development.
According to recent data, the gender gap for women’s financial inclusion in Fiji decreased to 9.4% in 2023, down from 13.6% in 2020, indicating a substantial improvement in women’s ownership of bank accounts relative to the total adult banking population. This progress reflects a consolidated effort to enhance accessibility to financial services, which has gained momentum through targeted initiatives and partnerships.
The event, attended by women from Suva’s financial institutions and officiated by Minister for Women Sashi Kiran, showcased the growing involvement of women in the finance sector—a traditionally male-dominated field. Governor Ali also pointed out the challenges women continue to face within this space, citing the finance industry’s competitive culture and the systemic barriers that have historically limited women’s participation.
The RBF has taken crucial steps to support women and women-led micro, small, and medium enterprises (MSMEs) by leading collaborations aimed at increasing financial accessibility. One landmark initiative is the RBF and Fiji Development Bank’s early endorsement of the Women Entrepreneurs Finance Initiative (WE-Fi) Code, a framework established by the Asian Development Bank. This initiative aims to galvanize action across the financial sector, encouraging financial institutions to prioritize women-led businesses and foster a more inclusive environment.
The Code has seen support from additional financial organizations, including Westpac, the South Pacific Stock Exchange, and several others, reflecting a broad commitment to economic empowerment for women.
This ongoing focus on women’s financial inclusion not only improves their economic standing but also fosters a more balanced and equitable society, highlighting the potential benefits when women are empowered as key contributors to the economy.
Overall, the collaborative efforts of financial institutions and government bodies in Fiji are paving the way for a brighter future where gender equality in the financial sector is not just a goal but a reality.
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