Reserve Bank of Fiji closes WE Finance Code pilot and sets next-phase actions to expand finance for women-owned MSMEs

The Reserve Bank of Fiji, working with the Asian Development Bank, convened Fiji financial sector leaders to mark the completion of the pilot phase of the Women Entrepreneurs WE Finance Initiative Code and to confirm signatories’ commitments for a next implementation phase focused on improving access to finance for women-led micro, small and medium enterprises. The pilot, which Fiji joined in 2024 with signatories including South Pacific Business Development, Westpac Bank, Merchant Finance Ltd, South Pacific Stock Exchange, HFC Bank, Kontiki Finance Ltd, Fiji Development Bank and Fiji Sugar Cane Growers Fund, reported progress including a narrowing in the gender gap in account ownership from 16.0 percent in 2015 to 10.2 percent, a -1.2 percent gender gap in active mobile money accounts, women representing 38 percent of registered MSMEs, more than 60.0 percent of financial institutions introducing gender-focused products or services, and more than 12,000 women-led enterprises securing loans or financing over the past three years. For the next phase, signatories committed to strengthen sex-disaggregated data systems for MSME lending, develop tailored products, enhance staff capabilities and advance female leadership, and expand outreach to women-owned businesses. A stated milestone is Fiji government approval of a new definition of women-owned MSMEs to support consistent identification, alignment and accountability across the financial system.