Kampala, Uganda, 23rd September 2024 – dfcu Bank has today rolled out its GROW initiative to traders in Owino, Downtown Kampala, marking a significant step forward in empowering Uganda’s women entrepreneurs.
Owino, a bustling hub for commerce in Kampala, is home to thousands of traders, many of whom are women striving to grow their businesses.
dfcu Bank has recognized the unique challenges faced by these women and through GROW, is offering a tailored financial solution aimed at supporting women traders who are eager to expand their businesses.
dfcu Bank’s Executive Director and Chief Financial Officer, Kate K. Kiiza, highlighted the critical role that women entrepreneurs play in Uganda’s economy.
“We understand that women traders have distinct challenges, such as limited access to funding and financial services, including loans and grants, which often hinders women’s ability to start or expand their businesses. As an implementing financial partner with the nationwide GROW Project, we will strive to address those challenges.”
“Through dfcu, women business owners across Uganda will get access to affordable interest rates, flexible payment plans, and comprehensive financial literacy programs which we will provide through our Women in Business Program,” Kiiza noted.
“When we announced our participation in the GROW initiative a few weeks back, we made a commitment to fostering an inclusive entrepreneurial ecosystem for female entrepreneurs. Today, as we interact with women entrepreneurs, we are honored to say that dfcu is proud to be the bank that women traders in Uganda can rely on,” Kiiza added.
GROW builds on dfcu’s longstanding commitment to women operating Small and Medium Businesses, through its Women in Business (WiB) program, which has supported 80,000 women across Uganda with not only financial support but also crucial business skills.
Kiiza also noted that women business owners will not only access loans, but also benefit from business mentorships and access to the dfcu Women in Business’ extensive network of successful women entrepreneurs.
dfcu Bank Women Business Advisory Council Member, Rosemary Mutyabule said, “Women traders are the lifeblood of Uganda’s commerce. dfcu is here to ensure they have the financial resources and support to overcome those challenges and thrive. GROW will allow women traders to access capital through dfcu and give them the opportunity to create self-sustaining businesses.”
With Uganda ranking among the top countries for female entrepreneurship, dfcu’s GROW initiative comes at a crucial time.
Recent statistics show that over 40% of businesses in Uganda are owned by women, yet many struggle to access the capital needed to scale. GROW aims to bridge this gap by providing loans that are flexible, accessible, and designed with women in mind.
“We believe that by empowering women entrepreneurs, we are empowering families, communities, and the entire nation,” concluded dfcu’s Executive Director.
“dfcu Bank is committed to standing with Uganda’s women traders as they work to grow their businesses, improve their lives, and drive economic development.”
The Generating Growth Opportunities for Women (GROW) project is a Government of Uganda Initiative, running under the Ministry of Gender Labor and Social Development (MGLSD) and the Private Sector Foundation Uganda, with support from the World Bank.
The GROW project arose out of the need to respond to the needs of women entrepreneurs who want to grow their businesses, sustain their self-employment and create more jobs.
Over the next few weeks, dfcu’s will continue to implement the program across the country, relying on its extensive network of physical branches to reach thousands of women with the solutions embedded within the GROW Program.