Westpac Bank, Merchant Finance Limited, SPBD and the South Pacific Stock Exchange sign commitment to WE-Fi Code

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

The WE-Fi 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.

The Permanent Secretary for Women, Children and Social Protection and the National Gender Champion, Eseta Nadakuitavuki, reiterated that cultural norms, lack of financial literacy and systemic biases, have long held women back.

Nadakuitavuki says these barriers must come down and women’s voices must be heard and valued in the financial sector.

She says the new signatories joins the RBF, Fiji Development Bank, the Ministry of Women, Children and Social Protection, 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 Ariff Ali acknowledged that each institution is a leader in their industry and is already an advocate of women's entrepreneurship and empowerment.

Ali says by signing today they are making a public statement of their commitment to women in Fiji and applaud their willingness to make these commitments and to act as leaders among their peers.

He says through the Code, the institutions committed to advancing access to financial services for women and women-led MSMEs, while enhancing an enabling environment for gender-inclusive finance.

Westpac Fiji Chief Executive Officer Shane Smith says they are proud to be the first commercial bank in Fiji signing up to the WE-Fi Code.

He says their 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 their internal Women of Westpac Employee Action Group and 40 percent women in leadership roles, to their 13 years of providing Women and Girls Education Grants.