PostBank Uganda has completed the UGX6 billion disbursement of the first tranche of the GROW Loan to 353 women entrepreneurs. The GROW Loan initiative is a project funded by the World Bank and implemented by the Ministry of Gender, Labour, and Social Development in partnership with Private Sector Foundation Uganda (PSFU) to foster entrepreneurship among women by providing affordable loans and business development support, focusing on boosting financial inclusion and promoting economic growth in Uganda.
The project supports women entrepreneurs in transitioning from micro and small enterprises to medium-sized and large enterprises.
PostBank, the only government bank among the banks implementing the GROW project has efficiently disbursed all the funds allocated to women entrepreneurs across various sectors, including agriculture, trade and commerce, business services, and construction.
“We thank the government for championing such a great initiative that not only drives financial inclusion but encourages women entrepreneurs to participate in social economic activities that align with the government’s National Development Plan III agenda (NDP III), with the aim of increasing the average household incomes and improve the quality of life of Ugandans,” Ibrahim Kato, PostBank Uganda’s Chief Retail Officer, said in a press statement.
Kato added, “Through the PostBank’s Smart Woman Account, we have been able to disburse the first tranche of UGX6 billion and we believe this will go a long way in growing women’s businesses and contribute to sustained economic development.
The GROW Loan product is exclusive to women-led businesses and is being disbursed through a PostBank Account to provide affordable banking solutions.
“As a bank with the purpose of driving financial inclusion to enable our people to Grow and Prosper, we welcome projects like the GROW Loan which is designed to enable women entrepreneurs to take charge of their financial future,” said Kato. “We have applied for and we are awaiting the disbursement of the second tranche to PostBank so that we can continue to support the government to grow women led businesses in Uganda.”
In addition to the GROW Loan, PostBank has been pivotal in supporting the government to implement projects that are designed to foster prosperity for Ugandans. Some of the projects include the disbursement of the Parish Development Model money through the Wendi Mobile Wallet by PostBank, payment of COVID-19 funds to households, and support of the Landslide victims in Bududa among others.
