UDB hosts 200 Women Enterprises to bridge finance information gap

 

In honour of International Women’s Month Uganda Development Bank (UDB) in partnership with Uganda Women Entrepreneurs Association Ltd (UWEAL), have hosted the 1st ever Annual Women Entrepreneurs Conference, under the theme: "Accelerating Women Economic Equality through Financial and Non-financial Inclusion Opportunities for Ugandan Women.

The conference brought together over 200 registered women enterprises from all 14 Uganda Women Entrepreneurs Association Ltd clusters throughout the country as they shared experiences and opportunities.

It also aimed at bridging information gap, a key barrier faced by women in accessing affordable finance, and the participation of women in the country’s development agenda.

Speaking during the conferenced that was held at Hotel Africana in Kampala, Uganda’s State Minister for Investment and Privatization Evelyn Anite said the government's commitment as outlined in Vision 2040 and National Development Plan III, underscores gender equality as a cross-cutting enabler for socio-economic transformation.

“In an economy where women account for about 77% of the agricultural labour force, the sector that accounts for 24% of our Gross Domestic Product (GDP), and about 40% of Uganda’s export earnings, we stay committed to ensuring that such opportunities reach every woman across Uganda,” said Anite.

This 1st ever Annual Women Entrepreneurs Conference was conducted under the theme; Accelerating women's Economic Equality through financial and Non-financial Inclusion Opportunities for Ugandan Women.

Delivering a keynote speech, Dr Maggie Kigozi a Woman Entrepreneur and a Co-Owner in Crown Beverages Ltd, the makers of Pepsi Cola products, reiterated the power of building synergies in business, for women to achieve economic equality, noting that in such gatherings, women should learn from each other and build networks to propel their businesses

“The good thing is that Government bureaucracies that have been hindering women economic empowerment have reduced. Train empowered men who can deal with empowered women,” said Kigozi during the conference.

Cognisant of the systemic challenges women in business face, including inadequate access to affordable patient capital and business development services, Sophie Nakandi, the Uganda Development Bank Head Legal Services said the Bank established a specialized proposition for women.

“We are deliberate about addressing the constraints to the country's sustainable development. To do this, we continue to design appropriate interventions and solutions that address the needs of the underserved segments in our society.

“Through BASE, the bank enables business formalization, streamlining of internal business processes, and improvement of management practices.

“Under the women financing segment alone, the bank has supported 72 enterprises in over 40 districts in the last two years and approved 75 billion worth in loans,” said Nakandi.

UDB has close to Ush75b worth of loans portfolio, targeting over 76 women owned enterprises. In this, they aim to have an output value of Ush655.8b, profitability of around Ush299b, tax contribution of Ush77.3b, foreign exchange earning of Ush4.6b and 2,356 jobs created. Of these, 472 jobs will be dignified jobs with social security.

Sarah Kitakule the UWEAL Board Chairperson said as an organization, they are dedicated to fostering an ecosystem where women have equal access to resources, opportunities, and support networks.

UWEAL is an apex body of women entrepreneurs, impacting the aspirations and ambitions of over 5.8 million women in business nationwide through its programs.