Stanbic Bank Uganda has unveiled a special offering of financial and non-financial services bespoke for
women in business aimed at empowering them with competitive abilities to succeed in a world of
business dominated by men.
This initiative offers education, information, networking and market linkages support to women in
business and will be implemented in collaboration with IFC (the commercial arm of the World Bank).
Participating women will benefit from financial literacy training, cash flow and management of working
capital, loan management, managing savings and debt, mentorship and advisory services extended by
the bank with support from IFC and Stanbic Business Incubator.
Ugandan women own about 39% of businesses with registered premises, yet they receive only 9% of
commercial credit, according to IFC and that the intervention by Stanbic Bank will support efforts geared
towards reversing this situation.
The bank will also provide information on market needs and linkages through networking opportunities
as well as capacity building and mentorship supported by the Stanbic Business Incubator, a sister
company of Stanbic Bank Uganda.
Stanbic Bank will also facilitate market access through online spaces and provide linkages to value chains and
ecosystem associated with the bank’s corporate clients.
On the financial side, the bank says it is offering four different benefits including; savings, investments,
transactional and borrowing linked products tailored to common profiles of women in business and
aimed at addressing credit related bottlenecks. For instance, women in business will be borrowing loans at 12.5% through their SACCOs and at 15.5%
interest on direct business loans while being exempted from any charges in the event of early
settlement.
To encourage a savings culture among women entrepreneurs, Stanbic Bank notes that it is offering
Educare– an insurance and savings product for children, medical and home insurance aimed at securing
women in the event of loss of income or natural disasters such as death.
Women will also be equipped with knowledge on investment and wealth creation with support from the
SBG Securities. Women will be offered opportunities to invest in treasury bills and bonds from as low as Ush100,000, access to a dedicated financial and wealth adviser, fixed deposit earnings of up to 6% per year with
flexible investment periods and other opportunities.
In terms of transactions, Stanbic Bank is enrolling women in business instantly, making payments and
transferring funds to any wallet with Flexipay, charging zero management fees per month, providing
VISA card loyalty rewards and more.
The Stanbic Bank Chief Executive Officer, Anne Juuko, says, as a Ugandan business that does its business
in Uganda and with Ugandans, Stanbic understands the challenges faced by different segments of the
market, including women.
“As our country’s economy rebuilds from the last two years bedeviled by the pandemic, we want to
empower women and women-led enterprises to lead the recovery process. We know the challenges the
women-led enterprises face every day, in their quest to achieve success; Stanbic For Her is aimed at
removing the barriers that are limiting the potential of Ugandan women led businesses to thrive,” says
Juuko.
Juuko states that while Stanbic Bank remains a bank for all Ugandans, it pays special attention to
sidelined groups such as women, youth, farmers, teachers and health workers who face unique challenges
within their unique contexts.
Dan Kasirye, IFC’s Resident Representative for Rwanda and Uganda based in Kigali, Rwanda lauded
Stanbic Bank for recognizing the need in empowering women-led enterprises as they play a critical role
in driving economic activity hence growth.
“Studies have revealed that finance barriers, cultural norms and other unfavorable
regulations significantly limit the success of women-run enterprises; IFC is pleased to collaborate with
Stanbic Bank, a market leader in Uganda, to champion this important initiative which we believe will
contribute towards finding solutions to many of these bottlenecks,” says Kasirye.
The keynote speaker Aggie Konde, Vice President for Programme Development and Innovation at Alliance
for a Green Revolution in Africa (AGRA) urged women to manage their lifestyle expenditure and save
more from all the small sources of income they might have.
“From that Kameza (household petty cash) money, you can run a successful saving scheme and invest in
different ventures to ultimately build wealth and gain financial independence. I welcome the Stanbic for
Her initiative which, beyond supporting women with access to credit, is also teaching them how to
actually manage the money, this is commendable,” she said.
https://businesstimesug.com/how-will-uganda-address-the-skyrocketing-prices-of-commodities/
