Women-led micro, small, and medium enterprises (MSMEs) in Fiji are set to gain from a new initiative aimed at boosting their financial support.
The Women Entrepreneurs Finance Initiative (WE-Fi) Code has been signed by major financial institutions, promising to improve access to funding and tailored financial services for these businesses.
Westpac Bank, Merchant Finance Limited, South Pacific Business Development, and the South Pacific Stock Exchange are the latest to back the Code, joining the Reserve Bank of Fiji, Fiji Development Bank, the Ministry of Women, Children and Social Protection and the Ministry of Trade, Co-operatives, SMEs and Communications. This collective commitment aims to tackle barriers such as limited access to capital and inadequate financial services that women entrepreneurs often face.
The WE-Fi Code is designed to increase funding for women-led businesses, offer better financial products, and create policies that support gender equality in finance. Institutions will also appoint gender focal points to ensure women entrepreneurs get the attention and resources they need and will share important data on the impact of women-led MSMEs.
Eseta Nadakuitavuki, Permanent Secretary for Women, Children, and Social Protection, said, “Cultural norms, lack of financial literacy, and systemic biases have long held women back but with the WE-Fi Code, we are taking a stand. We are saying that these barriers must come down and that women’s voices must be heard and valued in the financial sector.”
Reserve Bank of Fiji Governor Ariff Ali acknowledged, “Each institution is a leader in their industry and are already advocates of women entrepreneurship and empowerment. By signing today, they are making a public statement of their commitment to women in Fiji. I applaud their willingness to make these commitments and to act as leaders amongst their peers.”
Westpac Fiji Chief Executive Officer Shane Smith expressed gratitude for the opportunity, stating, “Westpac Fiji is proud to be the first commercial bank in Fiji signing up to the WE-Fi Code. Our decision to adopt the WE-Fi Code aligns with Westpac Fiji’s core values and long-standing dedication to supporting women and girls in our workplace and our community.”
The signing ceremony was held at the Reserve Bank.
Photo: File
