PostBank disburses Shs6bn of GROW loans

Kampala, Uganda | THE INDEPENDENT | PostBank Uganda, committed to its mission of “Fostering Prosperity for Ugandans,” has disbursed the first tranche of the GROW Loan, amounting to Shs6 billion. The funds have been distributed to 353 women entrepreneurs as part of a project funded by the World Bank and implemented by the Ministry of Gender, Labour and Social Development, in partnership with the Private Sector Foundation Uganda (PSFU), according to an announcement made on Sept.3.

The GROW Loan is a government-backed initiative designed to empower women entrepreneurs by offering affordable loans and business development support. It aims to boost financial inclusion and stimulate economic growth by helping women-owned businesses transition from micro and small enterprises to medium and large-scale operations.

PostBank, the only government-owned bank involved in the GROW project, has successfully allocated all the funds from the first tranche to women entrepreneurs across various sectors, including agriculture, trade and commerce, business services, and construction.

“We are grateful to the government for championing this impactful initiative, which not only promotes financial inclusion but also encourages women entrepreneurs to engage in socio-economic activities aligned with the National Development Plan III (NDP III). This will help raise household incomes and improve the quality of life for Ugandans,” said Ibrahim Kato, PostBank Uganda’s Chief Retail Officer.

“Through PostBank’s Smart Woman Account, we have been able to disburse the first tranche of Shs6billion, and we believe this will significantly help grow women’s businesses and contribute to Uganda’s sustained economic development.”

The GROW Loan is exclusively available to women-led businesses and is delivered through a PostBank account to ensure accessible banking solutions. “As a bank focused on driving financial inclusion and enabling our people to grow and prosper, we are proud to support projects like the GROW Loan, which empowers women entrepreneurs to take control of their financial futures,” Kato said.

He also noted that PostBank has applied for the second tranche of funds and is awaiting disbursement to continue supporting the growth of women-led businesses in Uganda.

Beyond the GROW Loan, PostBank has played a key role in supporting government initiatives aimed at improving the prosperity of Ugandans. These include the disbursement of Parish Development Model funds through the Wendi Mobile Wallet, payment of COVID-19 relief funds to households, and support for landslide victims in Bududa, among other projects.