The Reserve Bank of Fiji (RBF), in collaboration with the Asian Development Bank (ADB), recently brought together financial sector leaders to celebrate the successful conclusion of the Women Entrepreneurs (WE) Finance Initiative Code pilot phase in Fiji. This event, held earlier this month, highlighted the crucial role women entrepreneurs play in driving the nation’s economic advancement.
RBF Governor Ariff Ali praised the initiative, stating, “The Code serves as a catalyst for empowering women entrepreneurs, enhancing digital inclusion, and creating new avenues for sustainable growth.” He expressed his pride in Fiji’s commitment to this cause, underscoring the tangible benefits of investing in women and harnessing technology for economic empowerment.
Launched in 2024, the pilot program has seen robust support from various organizations, including South Pacific Business Development, Westpac Bank, and the Fiji Development Bank. This partnership signifies a pivotal moment in aligning Fiji’s financial ecosystem with global endeavors aimed at improving financing access for women-led micro, small, and medium enterprises (WMSMEs).
During the celebration, Governor Ali pointed out significant achievements arising from the initiative, showcasing progress in bridging systemic gaps and promoting gender equality. Major highlights include:
– A reduction in the gender gap for account ownership, decreasing from 16% in 2015 to 10.2% presently.
– Women’s engagement in digital finance has reached a gender gap of -1.2%, indicating a larger number of women actively using mobile money accounts compared to men.
– An increase in women’s representation in leadership roles within management and executive positions.
– Women now account for 38% of all registered micro, small, and medium enterprises (MSMEs), marking a significant growth trend.
– Over 60% of financial institutions have introduced gender-targeted products or services.
– More than 12,000 women-led enterprises have successfully secured loans or financing in the past three years.
The collaborative efforts of the RBF and ADB are paving the way for a more inclusive economic environment in Fiji, empowering women to take a central role in driving the nation’s growth. As these initiatives progress, they foster optimism for a future where gender equality is at the forefront of Fiji’s economic development.