The Government of Uganda, through the Ministry of Gender and Labour, has partnered with the World Bank and Private Sector Foundation Uganda to launch the GROW Loan, an innovative and affordable financing facility designed to accelerate the growth and expansion of women-led enterprises.
This groundbreaking initiative, dubbed the GROW project, aims to economically empower women in Uganda by providing them with access to capital, skills, and markets. The loan facility will be disbursed through five commercial banks, including Equity Bank, ensuring that women entrepreneurs across the country have access to the resources they need to succeed.
Speaking at the launch, Equity Bank’s Managing Director, Mr. Anthony Kituuka, praised the role of women in driving economic growth. “In this world, it is often said that if you want anything to be said, ask a man, but if you want anything to be done, ask a woman. So, at Equity Bank, we believe women can say and do.”
Ms. Elizabeth Kasedde Mwerinde, Director of Public Sector and Social Investments at Equity Bank, commended the World Bank and PSFU for their support and introduced the Equi-mama initiative, a non-collateral loan solution designed specifically for women.
Under Equi-mama, women can borrow up to UGX 5 million without collateral, receive medical insurance, hospital cash for maternity, and access training, financial literacy coaching, and business development services. This innovative approach aims to address the unique challenges faced by women entrepreneurs in Uganda.
Equity Bank has already made significant strides in supporting women’s economic development, providing funding to 400 groups in refugee settlements, mostly led by women. The bank plans to extend its support beyond the GROW project’s duration, demonstrating its long-term commitment to women’s empowerment.
The bank’s dedication to women’s empowerment is rooted in its founding history, where women, fondly called “Mama Mbogas,” played a crucial role in building the bank. Today, Equity Bank recognizes the critical role women play in driving economic growth and is committed to supporting their success.
The GROW project aims to drive ecosystem growth and support women’s economic development, aligning with Equity Bank’s purpose of transforming lives, giving dignity, and expanding opportunities for wealth creation. By empowering women, Equity Bank is investing in a brighter future for Uganda.
