In Uganda, where nearly 40 percent of small and medium-sized enterprises are owned by women, financial independence remains a challenge.
Women face unique obstacles juggling family responsibilities with business management, battling systemic barriers like gender discrimination, and struggling to access affordable credit.
Yet, resilient and resourceful, they continue to push forward. Equity Bank recognizes this resilience and has taken the bold step of launching the second edition of Abakyala Ku Ntiiko, an initiative aimed at empowering women in micro and small-scale businesses.
The second edition of Abakyala Ku Ntiiko took place at the UMA Multipurpose Hall, Lugogo under the theme “Accelerating Action for Prosperity in Business.” Hundreds of women entrepreneurs, financial experts, and industry leaders gathered to discuss financial literacy, business financing, peer mentorship, and small business management.
Honorable Sylvia Namabidde Ssenabulya, as the guest of honor, acknowledged that access to affordable credit remains a challenge.
She pointed out that the interest rate of 22.5% is steep for many entrepreneurs, calling upon the Bank of Uganda and the government to find ways to reduce this burden.
Despite the challenges, she praised Equity Bank for its efforts to empower women, not just through loans but through continuous support and training.
Ssenabulya also encouraged women to take charge of their financial journeys by believing in themselves and pushing through obstacles.
Equity Bank’s Managing Director Gift Shoko, marked a crucial step in fostering female entrepreneurship by equipping women with the knowledge and tools to navigate the financial world.
Gift Shoko emphasized the importance of networking as a means of building connections that strengthen businesses.
He stressed that when women are financially empowered, they uplift not only their families but also entire communities.
One of the core aspects of Abakyala Ku Ntiiko is creating a network of women who support and learn from one another.
During the event, women engaged in networking sessions, exchanging ideas and sharing experiences. They were encouraged to connect with potential buyers, mentors, and fellow entrepreneurs.
Gift Shoko reiterated that the purpose of the event was not just to showcase financial products but to create an environment where women could learn from each other’s successes and challenges.
He emphasized that the bank’s commitment to empowering women went beyond financial products and extended to fostering a sense of community.
The second edition of Abakyala Ku Ntiiko, he noted, reaffirmed Equity Bank’s commitment to practical solutions that drive meaningful change in women’s lives.
One of the central messages of the event was the critical role of financial literacy. Women entrepreneurs often struggle with balancing personal and business finances, leading to challenges in sustaining and growing their enterprises.
To address this, Equity Bank has designed tailored financial products like the Equi-Mama suite, offering personalized financial planning, investment advice, and insurance coverage.
This holistic approach acknowledges the multifaceted challenges women face and provides comprehensive solutions that go beyond mere access to capital.
Laura Bahemuka, Head of the Micro Segment at Equity Bank, emphasized that the bank understands the unique burdens women bear balancing businesses, family life, and personal responsibilities.
She pointed out that Equi-Mama goes beyond banking by offering medical insurance specifically designed for women, covering maternal health, long-term illnesses, permanent disability, and life insurance.
Equity Bank’s commitment to financial literacy is not merely about pumping money into businesses.
Bahemuka stated that the bank realized the futility of giving out loans without ensuring clients understood basic financial concepts like saving, budgeting, and loan management.
The event also featured a testimonial panel where successful women entrepreneurs shared their journeys.
Jane Nalubowa, who manages four businesses, spoke with pride about how Equity Bank’s financial literacy training helped her master money management and access affordable credit.
“I learned how to manage my finances better and access affordable credit. Today, my business has grown, and I am now employing more women in my community,” Nalubowa shared.
Another inspiring story came from Monica Nabalya, a farmer from Busiika who had once struggled to supply her eggplants to different markets. After joining Equity Bank, her productivity soared, and her business grew exponentially.
She acknowledged that financial support and training transformed her approach to business, allowing her to increase output and broaden her market reach.
To bridge this gap, the bank made financial literacy training mandatory for women and youth, equipping them with the skills needed to make informed decisions.
Financial inclusion is about more than just providing loans. It involves creating an environment where women feel confident in their ability to manage finances and grow their businesses.
This is a principle that Salma Kawuma, a financial literacy trainer at Equity Bank, holds dearly. She stressed that women need to understand their income and expenses before applying for loans.
“Financial literacy is not just about handling money but about understanding how to invest wisely and make sound financial decisions,” Kawuma explained.
“Women need to build good credit histories and have a clear saving plan. Financial independence is essential not just for personal growth but also for community development,” she urged.
To illustrate this, Kawuma spoke about how many women approach the bank with loan requests without assessing their actual financial standing.
This often leads to loan defaults and financial stress. By emphasizing careful planning and disciplined spending, she hopes to see more women build sustainable financial practices.
Following the successful Kampala event, Abakyala Ku Ntiiko is set to continue with regional events in Masaka, Iganga, Lira, and Kiboga.
These gatherings aim to reach more women, offering them the same opportunities to learn, network, and grow their businesses.
Equity Bank’s vision goes beyond short-term empowerment; it envisions a future where women are at the forefront of Uganda’s economic development.
By equipping them with financial knowledge and creating support networks, the bank is fostering a new generation of financially independent women who are ready to transform their communities.
Abakyala Ku Ntiiko is the belief that when women succeed, communities thrive. The stories shared at the event are a testament to how financial literacy and access to resources can dramatically change lives.
Through practical training and unwavering support, Equity Bank is making strides to eliminate the barriers women face and set them on the path to financial independence.
The journey toward financial inclusion is not without challenges. High interest rates, societal expectations, and systemic discrimination are hurdles that many women continue to face.
Yet, through initiatives like Abakyala Ku Ntiiko, the message is clear: Women have the power to break these barriers and create sustainable businesses that impact their families and communities.
As Equity Bank continues its mission to empower women, the hope is that more women will embrace financial literacy, build their businesses, and become financially independent. After all, when women rise, they lift entire communities with them. See more here.