KAMPALA —dfcu Bank has launched an initiative to support women entrepreneurs in Uganda through the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) program. This program aims to provide affordable capital to financially empower women.
The bank has allocated 5.4 billion Shillings to support women entrepreneurs through subsidized interest rate loans. The GROW initiative is implemented in collaboration with the Ministry of Gender, Labor, and Social Development, and the Private Sector Foundation Uganda.
Five commercial banks, including DFCU, Equity Bank, Centenary Bank, Finance Trust Bank, and Post Bank, each have 22.5 billion Shillings to distribute. The loans offer benefits such as lower interest rates, ranging from 10% to 10.5%, and a flexible repayment system.
dfcu Bank’s Executive Director and Chief Financial Officer, Kate Kiiza, emphasized the importance of business formalization, encouraging women-led businesses to adopt formal systems and keep proper financial records to grow sustainably.
However, some traders expressed concerns about the accessibility of the program for small business owners without formal records. Linda Kamusiime, a cabbage trader, questioned how the initiative could support those like her who do not maintain formal books of accounts.
The GROW initiative aims to reach 1.6 million women indirectly, supporting over 60,000 enterprises, with a special focus on 280,000 entrepreneurs, including 4,200 refugees and 14,000 women from refugee host communities.
The key benefits of the GROW initiative include lower interest rates of 10% to 10.5%, a flexible repayment system, business formalization support through guidance on adopting formal systems and keeping financial records, and access to finance with 22.5 billion Shillings allocated to each participating bank.
The target beneficiaries of the program include 1.6 million women indirectly, 60,000 enterprises, and 280,000 entrepreneurs, including 4,200 refugees and 14,000 women from refugee host communities.
