KAMPALA – Minister of State Privatization, and Investment – Evelyn Anite has advised women in business to formalize their businesses and prioritize record keeping if they are to excel.
She was on Thursday officiating at Uganda Development Bank Ltd (UDBL), and Uganda Women Entrepreneurs Association Ltd – UWEAL’s inaugural Annual Women Entrepreneurs Conference at Hotel Africana.
The conference aims to the bridge information gap, a key barrier faced by women in accessing affordable finance and the participation the participation of women in the country’s development agenda.
Anite also tipped them to separate their business capital and profits because “if you mix the two, you will not be able to know the profitability of your business and the growth of your business.”
“And the easiest way of doing it is to separate accounts and not keep the money at home. I do that in my business and it just worked out for me and I thought that the women need to do it.”
Anite says, “Because we have so many liabilities like paying your utility bills, salaries, and servicing loans, if you do not track that very well, you will end up giving out your capital and then the business collapses.”
She applauded UDB and UWEAL for the development – noting that it symbolizes efforts to address these structural barriers.
“The government’s commitment as outlined in Vision 2040 and National Development Plan III, underscores gender equality as a cross-cutting enabler for socio-economic transformation.”
“In an economy where women account for about 77% of the agricultural labor force, the sector that accounts for 24% of the GDP, and about 40% of Uganda’s export earnings, we stay committed to ensuring that such opportunities reach every woman across Uganda,” she noted.
Running under the theme “Accelerating women’s Economic Equality through financial and Non-financial Inclusion Opportunities for Ugandan Women”, the conference brings together 200 registered women enterprises from all 14 UWEAL clusters in the country as they share experiences and explore opportunities.
Sophie Nakandi, the Company Secretary and Head legal in her remarks noted that the Bank remains resolute about delivering its mandate of accelerating Socio-economic development in Uganda.
“We are deliberate about addressing the constraints to the country’s sustainable development. To do this, we continue to design appropriate interventions and solutions that address the needs of the underserved segments in our society, thereby facilitating financial inclusion and economic equality.”
“Cognisant of the systemic challenges women in business face, including inadequate access to affordable-patient capital and business development services, the Bank established a specialized proposition, dubbed the UDB Special Programs, to address the specific financing needs of youth, SMEs and Women,” she added.
Launched in December 2021, UDB’s intervention for Women continues to grow enterprise assets and revenue, create employment, and redistribute wealth across all the sub-regions of Uganda.
“Under the women financing segment, (Women Prosper loans) the bank has in the last two years supported 72 enterprises in over 40 districts and approved 75 billion worth in loans.” Ms. Nakandi further explained.
The Board chairperson UWEAL, Sarah Kitakule hailed UDB for offering tailor-made financial solution aimed at providing low-cost and patient capital for Women entrepreneurs and facilitating Women owned businesses.
“Our partnership with Uganda Development Bank further increases our footprint and impact in the country. Through Business development service, Women Entrepreneurs develop the knowledge and skills necessary to grow and sustain their businesses.” She said.
Delivering her keynote speech, Prof. Dr Maggie Kigozi reiterated the power of building synergies in business, for women to achieve economic equality, further noting that in such gatherings, women should learn from each other and build networks to propel their businesses.
