KCB Bank Uganda has announced a partnership with Mkazipreneur, a local platform that promotes and supports women entrepreneurship in Africa. The platform also provides financial literacy to working women in both formal and informal sectors.
The partnership, which is part of KCB Uganda’s initiative called KCB Flme, aims to close the gender gap in accessing financial services and empower women entrepreneurs.
Ugandan women will benefit from a comprehensive package of financial products and services, such as salary loans, unsecured business loans, overdrafts, mortgages, and personal and life insurance. These services have been mainly used by men in the past.
The partnership will also offer female small business owners with low-cost resources, skills training, workshops, product exhibitions, financial advice, and a supportive network.
At the launch event, Agnes Mayanja Namyalo, the Executive Director of KCB Bank, said: “This partnership will create opportunities for women to access loans with fair interest rates, other KCBU products and services with little or no collateral, and open doors for them to pursue various business opportunities.”
She also stressed the need for women to work together to achieve their goals.
“By networking, training, and mentoring each other, we will overcome the barriers in male-dominated business sectors, and provide our female clients with access to larger amounts of growth capital,” she said.
Diana Komukama, the Head of Marketing and Communications at KCB Bank Uganda, emphasized the importance of women’s equity, equality, and empowerment.
“We are committed to improving the communities we live in, starting with the mothers of the nation. Through partnerships like these, we reaffirm our commitment to empowering all women in business by providing a suitable product portfolio, regardless of status, age, or occupation. Supporting mothers also means supporting their children.”
Immy Nakyeyune, the founder and leader of Mkazipreneur, welcomed the partnership and praised KCBU for their efforts in empowering women financially.
She said: “It has always been said that when you educate a woman, you educate the whole nation. By empowering women with the right financial skills and tools, we are empowering the whole nation.”
According to the Bank of Uganda 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 vs 27% for men. Therefore, the level of exclusion from any form of financial services is 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 BOU report attributes the gender gap to cultural factors, such as women not owning property, low female employment, discrimination against women in the employment sector, lack of support from their spouses, lack of financial education and awareness, among other social, political, and economic factors.
Various steps have been taken by the government, NGOs, women’s groups, and other relevant stakeholders to close this gap.
