Press Release No. : 17/2024

Date : 28 August 2024

FINANCIAL SECTOR LEADERS UNITE TO SIGN WE-FI CODE, PROMOTING WOMEN’S ECONOMIC EMPOWERMENT

In a landmark move towards fostering women’s economic empowerment, Westpac Bank, Merchant Finance Limited, the South Pacific Business Development and the South Pacific Stock Exchange have come together to be amongst the first to sign their commitment to the Women Entrepreneurs Finance Initiative (WE-Fi) Code. This significant step underscores the commitment of Fiji’s financial sector to support and uplift women entrepreneurs across the nation.

The WE-Fi Code (or “Code”) is a commitment by financial services providers, regulators, development banks, and other financial institutions to collaborate on increasing funding provided to women-led MSMEs around the world, so that they can grow and add value to the economy and their communities.

In her opening remarks the Permanent Secretary for Women, Children and Social Protection and also the National Gender Champion Ms Eseta Nadakuitavuki, reiterated that “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.”

The new signatories join 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 who signed the Code earlier in March this year. Fiji is one of the first countries in the region and globally to adopt the Code, putting Fiji as pioneers in this initiative.

RBF Governor Mr Ariff Ali acknowledged that “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”.

Through the Code, the institutions commit to advancing access to financial services for women and women-led MSMEs while enhancing an enabling environment for gender inclusive finance. They commit to appointing a Gender focal point within their institution and to providing relevant data and information on women-led MSMEs.

Following the signing of their commitment Westpac Fiji Chief Executive Officer Shane Smith expressed gratitude to the Reserve Bank of Fiji for the invitation, “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; from our internal Women of Westpac Employee Action Group and 40% women in leadership roles, to our 13 years of providing Women and Girls Education Grants. Today, we strengthen that commitment by supporting the We-Fi Code.”

The signing ceremony, held at the Reserve Bank, was attended by representatives from the four institutions and ministries. This collaborative effort marks a significant milestone in Fiji’s journey towards achieving gender equality and economic prosperity for all.

RESERVE BANK OF FIJI

For further details, please contact: –

Communications Office: 

Telephone: (679) 3223 381   Email: info@rbf.gov.fj

Mr Mervin Singh – Manager Corporate Communications:

Telephone: (679) 3223 229   Email: mervin@rbf.gov.fj