Across Uganda’s diverse communities, young entrepreneurs are transforming their lives and uplifting others through the power of financial literacy and access to capital, delivered by Equity Bank Uganda under the Young Africa Works strategy.
This Mastercard Foundation initiative aims to empower 4.3 million young Ugandans by 2030, with a focus on women, refugees, and people with disabilities, by providing financial and business development support to youth-led micro, small, and medium enterprises (MSMEs). The stories of these resilient youth—shared in their voices—illustrate how Equity Bank Uganda’s programmes are turning challenges into opportunities, fostering self-reliance, and building thriving communities.
Overcoming Financial Chaos
For many young Ugandans, the journey began with a common struggle: a lack of financial know-how. A young woman from the Chitwe Youth Farmers Group in 2022 faced this reality head-on. Running a small hairdressing products business, she was barely breaking even. “I didn’t keep records, never tracked sales or expenses, and would take products off the shelf for personal use without accounting for them,” she admits. “There was no bookkeeping, and my business was making no profit.” Similarly, a farmer from the Youth Saving and Learning Association in Fort Portal recalls, “I was doing agriculture, but I did not know financial training. I didn’t know the value of money, so I mishandled it.”
In Nakivale, members of the No Empire Women Empowerment Association faced similar challenges. “We had many misunderstandings in our group because we didn’t know how to record or budget,” a leader shares. These stories resonate across Rhino Camp and Isingiro, where youth struggled to grow businesses or manage savings without proper guidance. The absence of financial literacy left them vulnerable to mismanagement and stagnation.
The Power of Financial Literacy
Equity Bank’s financial literacy training, a cornerstone of the Young Africa Works strategy, changed everything. Delivered between 2021 and 2023, these workshops equipped young entrepreneurs with essential skills: budgeting, record-keeping, inventory management, and separating personal and business finances. For the Chitwe youth, the training was a revelation. “I learnt how to record income and expenses, monitor my inventory, and keep business money separate,” she says. Her business began to thrive, turning a profit for the first time.
In Fort Portal, the farmer learnt to track investments and profits. “I knew how to budget for my business and keep records,” he explains. “Without this, I couldn’t have managed my loan.” In Nakivale, the No Empire group embraced these skills to resolve internal conflicts and mobilise community savings. “We learnt how to set goals and keep reports,” a leader notes. Across these communities, financial literacy became the foundation for sustainable growth, empowering youth to make informed decisions and build resilient businesses.
Loans That Spark Transformation
With financial literacy as their foundation, these youth accessed loans through Equity Bank Uganda’s group lending model, which required no collateral—a critical factor for those who, as individuals, would never have qualified. Loans ranging from UGX 2 million to UGX 5 million fuelled their ambitions. The Fort Portal farmer secured a UGX 2 million loan in 2021, investing in agriculture, a mobile money business, an electronics shop, and agent banking. “Because I knew how to handle money, I invested wisely,” he says. Subsequent loans of UGX 5 million expanded his ventures, enabling him to fund his business administration degree at Mountains of the Moon University, where he’s now in his second year, specialising in accounting.
The Chitwe youth used group loans to grow her hairdressing business, purchasing large dryers customers had requested and expanding into poultry and goat rearing. “The loans helped me reinvest in my salon and start new ventures,” she shares. Her group received loans twice, boosting their collective enterprises. In Nakivale, the No Empire group used a UGX 5 million loan to buy computers and tailoring machines, launching training programmes in digital literacy and tailoring. “Some community members pay for training, creating jobs for us,” a leader explains. In Rhino Camp, a youth group built a training house and store, training 56 members—36 women—in bakery and catering, with loans supporting small business start-ups.
Empowering Women and Refugees
The Young Africa Works strategy prioritises inclusion, and Equity Bank Uganda’s impact shines through in the stories of women and refugees. The Chitwe youth, a single mother, transformed her life. “With my earnings, I put my children in better schools, afforded healthier meals, and bought better clothes,” she says. Her confidence soared, and she became a mentor, guiding other women in her community on business management. “Many approach me for advice, and I walk them through my journey,” she adds, crediting Harriet, a key Equity Bank Uganda facilitator, for connecting her to the training.
In Isingiro, Misha Dan of the Detroit Farmers Group turned her struggling hair-braiding business around after training in 2022. “Before, I thought my business was failing because of witchcraft,” she laughs. Record-keeping and budgeting revived her salon, covering school fees for her two children, one now in boarding school. She expanded into poultry, buying a dryer and hens with a UGX 600,000 loan, and mentors other women, helping her group grow to six subgroups. “I’m proud to share my ideas,” she says.
In Nakivale, refugee women of the No Empire group tackled gender-based violence and unemployment. “We trained others in basket weaving and mushroom cultivation,” a leader shares. “Now, each member has a skill to earn and save.” Their efforts empowered women to become self-reliant, reducing dependency and fostering resilience. These stories highlight Equity Bank Uganda’s commitment to empowering marginalised groups, aligning with the Young Africa Works goal of inclusive opportunity.
Ripple Effects in Communities
The impact extends far beyond individual success. In Fort Portal, the farmer’s businesses employ workers, supporting local families. His group inspired new savings groups in his village. “Because of our performance, others formed groups,” he says proudly. In Chitwe, the youth group transformed its savings culture. “Before, we spent money on non-productive things,” she recalls. “Now, we invest wisely, like in chickens and goats.” Her mentorship has sparked new businesses among women in her community.
In Nakivale, the No Empire group’s training programmes led to new community-based organisations, including a soap-making factory. “We mobilised groups and shared financial literacy,” a leader says. In Rhino Camp, the youth group’s efforts reduced idleness and social issues. “We’re training youth to be entrepreneurs,” a leader notes, with members opening small businesses. These ripple effects—job creation, community savings, and reduced social challenges—demonstrate the broader impact of Equity Bank Uganda’s programmes, building a network of empowered youth who uplift their communities.
A Call for Continued Support
Despite their successes, these youth crave more. “Financial literacy worked, but we need refresher sessions,” the Chitwe youth urges, noting that ongoing training helps maintain discipline and supports new members. The Fort Portal farmer agrees: “Youth are forgetful, and new members need training.” In Nakivale, the No Empire leader calls for more sessions, as groups have grown since 2022. They also request higher loan limits, as the UGX 5 million cap is insufficient for larger groups of 10–30 members with diverse skills like tailoring and soap production. “If you increase loans, we can do more,” a Rhino Camp leader adds, emphasising the need for scalable support.
A Future of Possibility
From Fort Portal to Nakivale and Rhino Camp to Isingiro, these young Ugandans are pioneers of a brighter future. Equity Bank’s financial literacy training and loans have turned struggling entrepreneurs into self-reliant job creators. The Fort Portal farmer, now earning UGX 500,000 monthly after expenses, declares, “I’m self-employed and proud. I don’t want to work for anyone else.” The Chitwe youth, funding her children’s education, inspires others with her story. Misha, a community leader, pays it forward while Nakivale’s refugees build sustainable enterprises.
As Equity Bank Uganda and the Mastercard Foundation continue their partnership, these youth are not just beneficiaries—they are changemakers. Their call for ongoing training and increased loans reflects their ambition to grow further. With Equity Bank’s support, the Young Africa Works strategy is paving the way for a Uganda where every young person, regardless of background, can achieve dignified and fulfilling work, creating a legacy of empowerment and opportunity.
