South Pacific Business Development (SPBD) Fiji has joined financial service providers in a landmark move aimed at increasing funds and access to women-led micro-, small and medium-sized enterprises (MSMEs).

SPBD Fiji, Westpac, Merchant Finance and the South Pacific Stock Exchange signed their commitment to the Women Entrepreneurs Finance Initiative (WE-Fi) Code at a ceremony at the Reserve Bank of Fiji on 28 August, 2024.

The WE-Fi Code is a global initiative by financial services providers, regulators, development banks, and other financial institutions to collaborate on increasing funding provided to women-led MSMEs, so that they can grow and add value to the economy and their communities.

At the signing, the Permanent Secretary for Women, Children and Social Protection, Eseta Nadakuitavuki, noted 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.”

Other Fiji signatories to the Code include the Reserve Bank of Fiji (RBF); Fiji Development Bank; the Ministry of Women, Children and Social Protection; and the Ministry of Trade, Co- operatives, MSMEs and Communications. Fiji is a pioneer as one of the first countries not only in our region, but globally, to adopt the Code.

RBF Governor, Ariff Ali acknowledged that SPBD Fiji and the other organisations at the signing were leaders 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.”

In signing the Code, SPBD Fiji and the other institutions commit to advancing access to financial services for women and women-led MSMEs, while also 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.