Former Vice president Dr. Specioza Wandera Kazibwe has asked commercial banks and other financial institutions to come up with friendly financial products for minority groups in the economy such as women and the youths.
Kazibwe, an entrepreneur and farmer, said the current products being offered by commercial banks are too expensive for such group of customers and this has stopped many youth and women from effectively engaging in business.
“Ugandan women are entrepreneurs but their businesses are not growing due to expensive loans on the market, Banks need to redesign their products to ensure that all genders access their services. That is when women will transits from operating in the informal sector,” she explained.
The former Vice president made the appeal at Hotel Africana recently during the award ceremony for the Rising Woman Initiative that recognizes women with the best entrepreneurial plan. The Initiative is a product of dfcu Bank in collaboration with the Uganda Investment Authority. The objective of the initiative is to recognize, celebrate and promote a culture of mentorship among women entrepreneurs Uganda.
During the ceremony, three women entrepreneurs walked away with cash prizes of up to UGX 30,000,000 million and an all-expense paid study tour trip to Nairobi after emerging victorious in the highly competitive proposal writing competition.
Speaking at the same event, the dfcu Bank Chief Executive Officer Juma Kisame said that at least eight hundred (800) women entrepreneurs have benefited from the business training conducted in different parts of the country since July.
He concludes his remarks by reiterating dfcu Bank’s commitment to mentoring, training and providing tailor-made financial solutions for women in various spheres of business and employment across the country.
How the competition was organized
As part of the initiative, a call for the submission of business proposals was made. The Business proposal writing competition was aimed at giving women an opportunity to articulate their business ideas in writing and win partial funding for the same. A total of over eighty 80 business proposals were submitted and independently vetted from which twenty (20) businesses had a chance to vie for the top ten (10) spots.
The overall winner Krystal Ice Limited took home Shs15,000,000 million, Cradle Child Care Centre the first runner up was awarded Shs10,000,000 million and Kalaa Mugosi second runner up received Shs 5,000,000 million.
Additionally, one delegate from each of the 10 selected businesses that entered the competition will be sponsored to attend a study tour in Nairobi in January 2019. They will also receive free business advisory services for a period of one (1) year courtesy of the dfcu Women in Business Programme.