The Reserve Bank of Fiji has released its first Gender Inclusive Finance Report which illuminates the persistent challenges hindering women’s access to formal financial services in Fiji, despite recent strides in inclusion rates. Launched this month, the report highlights several key challenges including underrepresentation, limited financial literacy among women, and the absence of sex-disaggregated data on women-owned businesses. Additionally, structural and regulatory barriers continue to impede women’s economic participation.
This report is the result of a cohesive effort among the Fletcher Leadership Program for Financial Inclusion at Tufts University, the Asian Development Bank’s Pacific Private Sector Development Initiative, and insights gathered from 18 surveyed financial institutions, service providers, and government agencies. A marked increase is noted in savings account ownership among women; however, access to credit lags significantly, with loan accounts for female clients nearly half those held by males. Nonetheless, female account ownership saw a notable rise from 52 percent in 2014 to 82 percent in 2022, narrowing the gender gap from 16% to 10%, and among young women, ownership increased from 59 percent to 65 percent.
Ariff Ali, the Governor of RBF, stressed that this report is not simply informative but a call to action, urging collective efforts to bridge the financial inclusion gap. The initiative aligns with Fiji’s national development goals, emphasizing the centrality of gender-inclusive finance. Eseta Nadakuitavuki, Permanent Secretary for Women, emphasized the importance of the report as a guide for necessary reforms and innovations to ensure inclusivity in line with Fiji’s National Development Policy.
Previous efforts, such as the Women Entrepreneurs Finance Initiative (WE-Fi) Code endorsed by Fiji institutions, have laid foundational steps toward this goal, supported by a wide coalition including the Reserve Bank of Fiji, several financial institutions, and global partners. These initiatives have encouraged significant improvements in women’s financial participation in Fiji, showing how targeted advocacy and partnerships can advance gender equity in finance.
The report and ongoing efforts signal a hopeful path towards gender equality in the financial sector, with tangible benefits for broader economic development. With continued collaboration and strategic initiatives, there is potential for transformative change that enables women to play a more substantial and equitable role in Fiji’s economic landscape.
Leave a comment