In recent years, more than 12,000 women-led businesses in Fiji have secured financing, marking a significant milestone as women now constitute 38 percent of the nation’s registered micro, small, and medium enterprises (MSMEs). This growth showcases the increasing momentum under the Women Entrepreneurs (WE) Finance Initiative Code, which aims to enhance financial access for women entrepreneurs.
Initiated by the Reserve Bank of Fiji (RBF) in collaboration with the Asian Development Bank (ADB), the initiative has united various financial institutions, regulators, and policymakers to tackle the persistent challenges that women entrepreneurs face. Since Fiji began participating in the initiative in 2024, participating institutions have focused on refining lending practices, promoting digital financial services, and enhancing women’s engagement in the formal economy.
Ariff Ali, Governor of the RBF, emphasized the significant role that women entrepreneurs play in the nation’s economic growth. He described the Code as a powerful driving force for empowerment, digital inclusion, and sustainable development. Ali highlighted noticeable improvements in women’s access to financial services, increased use of digital platforms, and a rise in female leadership within the financial sector.
Financial institutions have begun to introduce products and services specifically designed for women-led enterprises, indicating a broader transition toward more inclusive banking practices. Eseta Nadakuitavuki, Permanent Secretary for the Ministry of Women, Children and Social Protection and a national champion for the initiative, underscored the importance of aligning policies, regulations, and frontline services to sustain this progress and foster a supportive environment for women entrepreneurs.
As Fiji moves beyond the pilot phase of the initiative, participating signatories are dedicated to enhancing sex-disaggregated data, expanding outreach to women-owned businesses, and creating financial products that cater better to their specific needs. The government’s recent approval of a national definition for women-owned MSMEs is anticipated to contribute to improved consistency and accountability within the financial system.
This initiative reflects a powerful commitment to empowering women in business and fostering a more equitable economic landscape in Fiji, promising a future ripe with possibilities for women entrepreneurs.