The Reserve Bank of Fiji (RBF), in partnership with the Asian Development Bank (ADB), recently convened financial sector leaders to celebrate the conclusion of the Women Entrepreneurs (WE) Finance Initiative Code pilot phase in Fiji. During the event, held earlier this month, RBF Governor Ariff Ali emphasized the critical impact women entrepreneurs have on the country’s economic progress.
“The Code serves as a catalyst for empowering women entrepreneurs, enhancing digital inclusion, and creating new avenues for sustainable growth,” stated Governor Ali. He expressed pride in Fiji’s initiative, showcasing the achievements that can arise from investing in women and leveraging technology.
Fiji embarked on this pilot program in 2024, with significant backing from various institutions, including the South Pacific Business Development, Westpac Bank, and Fiji Development Bank, among others. This collaboration marked a significant milestone in aligning Fiji’s financial landscape with global efforts to improve access to financing for women-led micro, small, and medium enterprises (WMSMEs).
Governor Ali highlighted notable accomplishments from the initiative, illustrating its success in reducing systemic barriers and fostering gender equality. Noteworthy progress includes:
– A reduction in the gender gap in account ownership from 16% in 2015 to 10.2% today.
– Women’s adoption of digital finance, now with a gender gap of -1.2%, indicating active use of mobile money accounts by more women than men.
– An increase in women’s leadership roles across management and executive positions.
– Women comprising 38% of all registered micro, small, and medium enterprises (MSMEs), reflecting a significant rise over previous years.
– More than 60% of financial institutions have launched gender-targeted products or services.
– Over 12,000 women-led enterprises have received loans or financing in the last three years.
The initiatives showcased by the RBF and ADB represent promising strides towards empowering women and enhancing their role within the economy, enabling them to contribute significantly to Fiji’s growth. As these efforts continue, they signal a hopeful future where gender equality becomes integral to economic development in Fiji.