Stanbic Bank & UDB Launch Initiatives for Women-Led Groups & Businesses

In the global celebration of International Women's Month, Stanbic Bank Uganda and Uganda Development Bank (UDB) are taking bold strides towards gender equality and empowerment for women-led groups and businesses. With unwavering dedication to fostering female entrepreneurship, both banks have launched innovative initiatives that are making waves.

The Uganda Development Bank (UDB) showcased its commitment to advancing women's economic equality at the inaugural annual women entrepreneurs' conference held on March 14. Sophie Nakandi, the Company Secretary and Head of Legal at UDB, expressed the bank's determination to address the barriers that hinder sustainable development by offering specialized financing solutions tailored to women entrepreneurs.

Since December 2021, UDB's "Women Prosper loans" have transformed the lives of 6,580 women across 40+ districts. With loans worth Shs 75 billion approved and a total value of Shs 98 billion extended, this initiative has created undeniable impact and empowered countless enterprises. This initiative demonstrates the bank's dedication to creating employment opportunities, fostering the growth of enterprise assets, and enabling wealth redistribution throughout Uganda.

The collaborative efforts of Stanbic Bank and UDB reflect a significant push towards achieving gender equality and empowering women in the business sector. Josephine Okudi Ossiya, the CEO of the Uganda Capital Markets Authority, and Paulina Chiwangu, the UN Women Country Representative, commended these initiatives for their crucial role in promoting gender equality and driving overall development.

Evelyn Anite, the State Minister for Finance in charge of privatization, encouraged women in business to formalize their enterprises to attract government support and related benefits. Highlighting the importance of separating profit from capital and focusing on key sectors such as agriculture, manufacturing, tourism, and services, Anite emphasized the potential avenues for women entrepreneurs to thrive.

This year's International Women's Month in Uganda is being observed under the theme, "Invest in Women; Accelerate Progress," further emphasizing the need to empower and invest in women to drive significant progress in all aspects of society.