Financial institutions have been urged to prioritize supporting women in business, “because they are backbone of economic and social progress.”
Elizabeth Mwerinde, Head of Commercial Banking at Ecobank, made this call why while speaking at the 12th Annual Women in Business Achievers Awards and Gala Dinner held in Kampala.Mwerinde noted that women have long faced challenges in accessing finance in almost all financial institutions which she described as disappointing.
“I represent Ecobank here but I would also take this opportunity to speak to all financial institutions. I would like to say, we would have done better but we are awake to the opportunity now because we have been in a very regulated environment and we have not seized the opportunity to harness and finance women to the best that we can,” she said.
She argued that women represent a large and growing segment of the entrepreneurial landscape, and their success is increasingly recognized as vital to overall economic prosperity. “A lot of women entrepreneurs in the informal sector drive our economy, it is only right that financial institutions deliberately support women, because the economy cannot be sustainable without them.”
However, she said she was encouraged that even as financial institutions continue to create troublesome processes that make it difficult for women to access financial services, the government has stepped with programs aimed at empowering women at different levels.
“We are very happy that the government has created good opportunities for us and introduced new policies that allow us to serve women at different levels. Among financial institutions, some operate at the micro level while others work at the macro level,” she said.
She added that Ecobank has now introduced an initiative to finance women at the mid-level, enabling them to access financial services without being asked for security something she said often disadvantages women because many of their businesses are informal.
“We are partnering with organizations that are willing to finance women, keeping in mind one of the major limitations women face in accessing loans: most of their businesses are not formalized, so they cannot easily be traced. There is also the challenge of collateral requirements. This is where we come in to create an opportunity for women to access loans without collateral,” she said. She, however, encouraged women to register and formally document their businesses. Meanwhile, Mwerinde encouraged women entrepreneurs to embrace digital transformation, expand beyond local markets, and take advantage of global opportunities now made possible through the internet.“The world is going digital, and this is the best time to access markets. why, because information is everywhere. My dear ladies, make a decision to learn more about what is out there. The market does not stop at your district; the market does not stop in your country. The world is now at our feet. This is the best time to hit the international market,” she said.
For his part, Aggrey Kibenge, Permanent Secretary at the Ministry of Gender, Labour and Social Development, said the government remains committed to empowering and supporting women because they are the engines of society. He added that the success of women entrepreneurs is proof that government programs are reaching the intended beneficiaries.
“Your success stories reflect the spirit of resilience, and determination that defines Uganda’s entrepreneur landscape. You are role models and champions of change in your communities. Your achievements inspire many to continue working hard. And we at the policy level we shall continue championing programs that support women enterprise development.” he said
The 12th edition of the Annual Women in Business Achievers Awards and Gala Dinner recognized at least nine outstanding women entrepreneurs and leaders across various categories, celebrating excellence in entrepreneurship, community involvement, and leadership.
This year’s Mbire Award for Woman Entrepreneur of the Year went to Dr. Jovia Tugumisirize, a mental-health expert whose work has made significant impact in the health sector. The Wanendeya Award for UWEAL Spirit was won by Sylvia Angey, founder of Nile Treatz Tours and Travel.
Teopista Kabasinga was also honored for her leadership and contribution to women entrepreneurship. The award for a woman under 35 with a successful business under two years went to Gloria Musimenta, the founder of Nile Chocolates Uganda.
The award for a successful business operating for at least five years was received by Sarah Nabulime, while Florence Kuteesa was recognized for running a business that gives back to the community without apparent gain. Macklean Byansinza, the founder of Itoto cosmetics won the seventh award which targeted a business that made meaningful difference in lives of others.
Meanwhile, the PPDA was also honored for its contribution to strengthening women entrepreneurs through public procurement efforts. Additionally, UWEAL CEO Connie Kekihembo was celebrated for her recent recognition as one of the 100 Most Influential Women in Africa.
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