The Independent Uganda: You get the Truth we Pay the Price
Stanbic4Her initiative and UDB’s ‘Women Prosper’ program have collectively disbursed an impressive total of Shs 173 billion to support female entrepreneurs
Kampala, Uganda | THE INEPENDENT | As Uganda joins the global community in celebrating International Women’s Month, prominent financial institutions Stanbic Bank Uganda and Uganda Development Bank (UDB) are at the forefront of championing gender equality and empowerment for women-led groups and businesses. In a concerted effort to boost female entrepreneurship, both banks have unveiled initiatives aimed at providing comprehensive support and empowering women across the nation.
During the annual “Ring the Bell for Gender Equality” conference held at the Sheraton Hotel in Kampala on March.16, Stanbic Bank reaffirmed its dedication to fostering gender equality within the workforce and across the broader private sector.
Cathy Adengo, the bank’s Head of Sustainability, underscored Stanbic’s commitment as a signatory to the Women’s Empowerment Principles (WEPs). The bank’s initiatives, including Stanbic4Her, the Village Savings and Loans Associations (VSLA), and the Ignite Women’s Leadership Programme, are designed to dismantle barriers to credit and enhance the economic impact of women in Uganda.
To date, the Stanbic4Her initiative has seen substantial impact, reaching over 6,580 female customers and extending more than Shs 98 billion in loans, aimed at fostering the growth and sustainability of women’s businesses.
Additionally, the bank offers free financial literacy and capacity development sessions through the Stanbic Business Incubator, further equipping women with the tools needed for business success.
Similarly, the Uganda Development Bank, speaking at the inaugural annual women entrepreneurs’ conference on March.14 highlighted its role in propelling women’s economic equality through financial and non-financial inclusion opportunities. With a message from Sophie Nakandi, the Company Secretary and Head of legal, UDB has expressed its resolve to address the constraints hindering sustainable development by offering specialized financing solutions tailored to women entrepreneurs.
Launched in December 2021, UDB’s intervention for women, known as “Women Prosper loans,” has supported 72 enterprises across more than 40 districts, approving Shs 75 billion worth in loans. This initiative underscores the bank’s commitment to creating employment, growing enterprise assets, and facilitating wealth redistribution throughout Uganda.
These efforts by Stanbic and UDB underscore a significant push towards achieving gender equality and empowering women in business. Josephine Okudi Ossiya, CEO of the Uganda Capital Markets Authority, and Paulina Chiwangu, the UN Women Country Representative, both lauded these initiatives for their critical role in promoting gender equality and driving development.
Evelyn Anite, the State minister for Finance in charge of privatization, urged women in business to formalize their enterprises to attract government and related support. Highlighting the importance of separating profit from capital and focusing on key sectors such as agriculture, manufacturing, tourism, and services, Anite emphasized the potential avenues for women entrepreneurs to thrive.
This year’s International Women’s Month is being observed under the theme, “Invest in Women; Accelerate Progress.”
