- Government, NGOs, women's bodies, and other relevant stakeholders have taken steps to close the gender gap.
- Women use informal financial services more than men in Uganda with 34% usage for women versus 27% for men.
- 38% of men vs 25% of women, have an account at a financial institution, save or borrow money and understand financial services.
- Formal usage of financial services and financial capability among women is lower than for men.
KCB Bank Uganda has partnered with Mkazipreneur to bridge the gender gap in accessing financial services and empower women through the KCB Flme initiative.
Mkazipreneur is a Ugandan-based community platform dedicated to fostering and advancing women’s entrepreneurship in Africa, and one that supports working women in both the informal and formal sectors through financial literacy.
Through this partnership, Ugandan women will be able to access an all-encompassing package, including salary loans, unsecured business loans, overdrafts, mortgages, and personal and life insurance; services that have been predominantly utilized by men.
This partnership will also be instrumental in providing female small business owners with affordable resources, skills training, workshops, platforms to showcase products, financial advice, and a supportive community to lean on.
Agnes Mayanja Namyalo, the Executive Director at KCB Bank said the partnership will introduce opportunities for women to access loans with fair interest rates, and other KCBU products & services with minimal or no collateral, opening doors for them to explore various business opportunities.
Mayanja emphasized the need for women to unite in achieving their dreams. “Through networking, training, and mentoring opportunities, we shall break barriers in male-dominated business sectors, providing our female clients with access to larger volumes of growth capital,” she said.
Diana Komukama, Head of Marketing and Communications at KCB Bank Uganda highlighted the importance of women’s equity, equality, and empowerment.
She stated, “We are committed to bettering the communities we live in, starting with the mothers of the nation.” “Through partnerships like these, we affirm our commitment to empowering all women in business by providing a suitable product portfolio, regardless of status, age, or occupation. Supporting mothers also means extending support to their children.”
Immy Nakyeyune, the Founder of Mkazipreneur welcomed the partnership and hailed the bank for their efforts in empowering women financially.
“We are empowering the whole nation by empowering women with the right financial skills and tools,” said Nakyeyune. “It has always been said that when you educate a woman, you educate the whole nation.”
According to the Central Bank of Uganda’s National Financial Inclusion Strategy 2022, 38% of men vs 25% of women, have an account at a financial institution, save or borrow money and understand financial services.
However, women use informal financial services more than men in Uganda with 34% usage for women versus 27% for men, so levels of exclusion from any form of financial services are similar for men and women. It is important to note that formal usage of financial services and financial capability among women is lower than for men.
The report attributes the gender gap to cultural beliefs such as women not owning property, low female employment, stigmatization against women in the employment sector, lack of female backing from their spouses, and lack of financial education & enlightenment, among other social, political, and economic factors.
Government, NGOs, women’s bodies, and other relevant stakeholders have taken steps to close this gap.