In a concerted effort to champion women’s economic empowerment in Uganda, the Uganda Bankers’ Association (UBA), in collaboration with VISA, hosted a pioneering forum at Mestil Hotel in Kampala on Oct.
24 underscoring the pivotal role of enhancing women’s access to tailored financial services and technology.
Sarah Arapta, chairperson of the UBA, said there’s a need to overcome barriers to accessing finance and related services, which have been hindering women’s economic empowerment.
“We recognize that the solutions must be drawn from a coalition of institutions whose experience and influence will drive measurable progress,” she said, adding that in Uganda, women constitute 52.5% of the labour force, yet their unemployment rate is notably higher, spanning both educated and less educated categories.
The United Nations Development Programme Resident Representative to Uganda, Elsie Attafuah said achieving gender equality by empowering women to participate equally with men globally could contribute up to $28 trillion, or 26%, to annual GDP by 2025, with significant benefits for developing countries.
“Economic empowerment of women is one of the most fundamental components of achieving the Sustainable Development Goals, particularly Goal 5 to achieve gender equality,” she said.
“Inequality poses a long-term threat to social and economic development, hampers poverty reduction, and impacts individuals’ sense of fulfilment and self-worth.”
Salma Ingabire, Country Director at Visa Rwanda, Burundi, Uganda & Tanzania, noted the rapid increase in the global rate of female entrepreneurship compared to male entrepreneurs, with over 250 million women engaged in entrepreneurship worldwide.
She said 40% of businesses in Uganda are owned by women, indicating significant progress. However, challenges in financial inclusion persist, emphasizing the need to support women entrepreneurs.
The forum emphasized the pivotal role of technology as a catalyst for women’s financial inclusion. It underscored the importance of utilizing digital platforms to facilitate easier access to financial services and market information, leveraging the growing prevalence of smartphones and digital infrastructure.
Phyllis Kamau, Head of Government Engagements, East Africa-VISA Sub-Saharan Africa said “Financial inclusion is not merely about accessibility; it is about the quality of that access. We are committed to driving small businesses towards digitalization.”
Similarly, Betty Amongi, the Minister of Gender, Labour, and Social Development, stressed the significance of financial institutions investing in women’s organizations to teach them about mobile savings and loan schemes, as access to bank accounts plays a crucial role in women’s access to credit.
