In Fiji, there has been a significant increase in women’s ownership of bank accounts, which has played a crucial role in narrowing the gender gap in financial inclusion. This positive development is largely the result of advocacy and cooperative efforts led by the Reserve Bank of Fiji (RBF) alongside various financial institutions. During an early celebration for International Women’s Day 2025, RBF Governor Ariff Ali emphasized that access to financial resources, education, and supportive networks enables women to invest more in their communities and promote sustainable development.
Recent statistics reveal that the gender gap in women’s financial inclusion reduced to 9.4% in 2023, down from 13.6% in 2020, reflecting a significant improvement in the total adult banking population’s female bank account ownership. This advancement highlights the success of targeted initiatives aimed at enhancing accessibility to financial services.
The celebration event was attended by women from Suva’s financial institutions, with Minister for Women Sashi Kiran officiating. The gathering underscored the increasing presence of women in the finance sector, which has traditionally been male-dominated. However, Governor Ali pointed out ongoing challenges, such as the competitive nature of the finance industry and systemic barriers that continue to limit women’s participation.
To support women and women-led micro, small, and medium enterprises (MSMEs), the RBF has initiated partnerships aimed at increasing financial access. A key milestone is the endorsement of the Women Entrepreneurs Finance Initiative (WE-Fi) Code in collaboration with the Fiji Development Bank. Established by the Asian Development Bank, this Code encourages financial institutions to prioritize women-led businesses, fostering a more inclusive financial environment.
Support for the Code has also been received from various financial organizations, including Westpac and the South Pacific Stock Exchange, showcasing a strong commitment to women’s economic empowerment.
The sustained focus on enhancing women’s financial inclusion not only elevates their economic status but also contributes to the creation of a more balanced and equitable society. This movement demonstrates the significant advantages of empowering women as vital contributors to the economy.
Collectively, the efforts of financial institutions and government bodies in Fiji are laying a solid foundation for a future where gender equality in the financial sector transforms from an aspiration into a tangible reality. This optimistic trend signals progress towards a more inclusive and equal society, beneficial for all.
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