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Kampala, Uganda | THE INDEPENDENT | Housing Finance Bank has advanced its goal of empowering women with the launch of the ‘HFB Woman’, financing solution in partnership with the Uganda Women Entrepreneurs Association Limited (UWEAL).
This solution aims to support women entrepreneurs across Uganda by providing access to affordable loans to enhance their business ventures.
Peace K. Ayebazibwe, executive director of Housing Finance Bank said, “Women tend to reinvest a significant portion of their earnings back into their families and communities. This means that when we empower women economically, the benefits ripple outward, improving education, health, and well-being for entire communities. So today, we are not only launching a product, but we are also sowing a seed towards the growth of communities and Uganda as a whole.”
Connie Kekihembo, CEO of UWEAL, emphasized the importance of this partnership, stating, “The HFB Woman initiative aligns perfectly with our mission to empower women entrepreneurs to create wealth through capacity building, networking, and advocacy. By collaborating with Housing Finance Bank, we are taking significant steps toward demystifying the barriers women face in accessing finance and resources.”
At the same event, Uganda Women Entrepreneurs Association Limited and HFB announced the launch of the Annual Women in Business Leaders Awards 2024 which shall take place in November 2024. Gender Inclusion is also at the core of the Uganda Vision for 2040 and availing better opportunities for women is one of the key drivers to reduce gender inequalities and unlock the socio-economic transformation of the country
Earlier this year, the European Investment Bank Global, part of the European Investment Bank, and the Housing Finance Bank (HFB) announced a partnership to avail a €50 million investment to support private sector entities, notably SMEs in Uganda.
The initiative has a special gender focus aimed at enhancing women’s access to finance by reserving at least half of the investment funds to be allocated to businesses owned and/or run by women.
Women are essential contributors to the economy in various fields, including leadership and entrepreneurship; however, they continue to face significant challenges in accessing financing.
According to the World Bank, women in Uganda make up over 48% of the workforce but access only about 30% of available credit (World Bank, 2022). This disparity not only hampers individual ambitions but also restricts broader economic development. Additionally, the World Bank estimates that closing the gender gap in labor force participation could increase Uganda’s GDP by up to 8% (World Bank, 2021).
The HFB Woman solution is designed for individuals and registered micro and small women-owned enterprises engaged in trade, services, or production.
For organizations, they must be at least 60% owned by women aged between 18 and 68 years.
Loan amounts will range from a minimum of Shs10 million to a maximum of Shs50 million, with repayment periods of up to three years. Additionally, for agricultural ventures, a grace period of six months will be provided with free advisory services and relationship management.
