Be financially independent – women told

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KAMPALA - As the world celebrated Women’s Day under the theme ‘Inspire Inclusion’, women have been asked to be financially independent in order to get the confidence to make their own decisions.

“If women are independent financially, it also allows them to support their families and communities,” Elizabeth Mwerinde Kasedde, the Executive Director Equity Bank said.

She said that women often have to juggle multiple responsibilities, including their families, businesses, careers, and personal lives.

Kasedde said women may encounter systemic barriers such as gender discrimination in their various workstations or businesses, which can make it difficult for them to achieve financial stability.

She remarked during the launch of ‘Women’s Month’ with a series of special events aimed at empowering and enabling women in small-scale businesses to achieve their full potential earlier this month on March 8, 2024, at the Uganda Manufacturers' Association (UMA) Exhibition Hall in Lugogo, Kampala.

Equity Bank was one of the banks that showcased its products in the just-ended Harvest Money expo organized by Vision Group at Kololo ceremonial ground which took place February 23-25.

Over 500 women from in and around Kampala district attended the function. (All Photos by Jovita Mirembe)

Kasedde said that the events, dubbed 'Abakyala ku Ntiiko' featuring inspirational speakers, financial literacy training sessions, and exhibitions showcasing products from women customers supported by the bank will continue to be held in Fort Portal, Mbale, Gulu, and Hoima until the women’s month ends.   

She said, “The Abakyala ku Ntiiko events aim at creating a platform for women to learn about and access these products while celebrating women’s achievements in business and society.”

Laura Bahemuka, head Micro Segments at Equity Bank noted that although all the bank’s products are available to all women, there are special products tailored for the welfare and economic independence of women known as ‘Equi-maama credit facility’.

She said that in the Equi-maama credit facility, women are encouraged to save as well as they are provided with financial support to grow their enterprises.

Bahemuka explained that the bank uses the world-renowned notion that “women are the best savers and payers” to enroll and empower them financially as a way of transforming society.

According to the Uganda Bureau of Statistics (UBOS), nearly women in Uganda own 40 per cent of small and medium-sized enterprises. These businesses employ millions of people and support hundreds of households.

Over 500 women from in and around Kampala district attended the function.