GENDER-INCLUSIVE FINANCING INNOVATION EXPO: A STEP TOWARDS EMPOWERING WOMEN ENTREPRENEURS IN UGANDA
GENDER-INCLUSIVE FINANCING INNOVATION EXPO: A STEP TOWARDS EMPOWERING WOMEN ENTREPRENEURS IN UGANDA
The recently concluded Gender-Inclusive Financing Innovation Expo, held under the theme "Catalyzing Innovation for Gender-Inclusive Finance," marked a significant milestone in Uganda's journey towards empowering women entrepreneurs. Organized by the Ministry of Gender, Labour and Social Development (MGLSD) in collaboration with the Private Sector Foundation Uganda (PSFU) and supported by the World Bank, the Expo brought together key stakeholders to address the persistent barriers women face in accessing affordable financing.
Hon. Betty Amongi's Address
Hon. Betty Amongi, the Minister of Gender, Labour and Social Development, expressed her enthusiasm for the event, highlighting the progress Uganda has made in the digital economy. With over 30 million active mobile money accounts and financial inclusion reaching more than 75% of adults, primarily through mobile platforms, she acknowledged these gains. However, she pointed out that these advancements mask persistent inequalities, especially regarding women's access to formal, affordable, and appropriate finance.
"Despite accounting for a significant share of micro, small, and medium enterprises in Uganda, women-owned businesses make up just 24.4% of the formal loan portfolio," she noted. "And while 65% of women now own a financial account, only 34% hold accounts in formal financial institutions the rest operate largely in informal, unsecured, and sometimes risky financial environments."
Hon. Amongi emphasized that the GROW Project is investing in systemic change. Through initiatives like the GROW Financing Facility, Innovation Grants, and the forthcoming Women Entrepreneur Financing Learning Lab, the project supports financial institutions and innovators to design, test, and scale solutions that meet women where they are.
Hon. Matia Kasaija's Remarks
Hon. Matia Kasaija, the Minister of Finance, Planning and Economic Development, reiterated the government's commitment to women's economic empowerment. He highlighted that under the Fourth National Development Plan (NDPIV), the government has made deliberate efforts to increase access to affordable credit and financial services, especially for women and youth. Programs like the Uganda Women Entrepreneurship Programme (UWEP), Parish Development Model (PDM), and the GROW Project lay the groundwork for expanding financial inclusion.
"Women are the engine of our informal sector and a growing force in the small and medium enterprise space," Hon. Kasaija remarked. "However, we must acknowledge that the pace of progress is not yet where it should be." He noted that women entrepreneurs continue to face barriers such as lack of collateral, limited access to formal credit, and poorly tailored financial products.
Hon. Kasaija emphasized the need for innovation in financial products, delivery models, and institutional practices to better serve women entrepreneurs. He expressed encouragement for the GROW Project's approach and its emphasis on innovation and institutional reform. "Through the GROW Financing Facility and Innovation Grants, we have a platform to pilot and scale gender-responsive financing models," he stated.
Sarah Kagingo's Insights
Additionally, the Expo showcased the successes of the GROW loan, highlighting success stories, lessons learned, and opportunities for improvement. It established momentum and stakeholder alignment for the rollout of the Women Entrepreneur Financing Learning Lab (WEFL), aiming to support evidence-based improvements across the financial ecosystem. If there are any emerging spaces that will shape the future of gender financing in Uganda, this is one of them.
Sarah Kagingo, the Vice Chairperson of PSFU, highlighted the foundation's commitment to supporting women entrepreneurs. She noted that PSFU is working towards creating a future of non-collateralized patient credit to catalyze the growth of businesses in Uganda. "We are building toward a near future of non-collateralized patient credit, to catalyse the growth of businesses in Uganda," Kagingo stated. She acknowledged that while Ugandan women are among the most entrepreneurial globally, they still face challenges, including access to affordable, patient credit.
Kagingo also emphasized the importance of financial institutions reassessing their financing models to offer small and medium enterprises patient capital to allow for business growth. "We continue to urge banks to develop more products that support SMEs," she added.
Expo Highlights
The two-day Expo provided a platform for innovators, start-ups, and solution providers, including fintech software developers, to showcase their tools and services to Participating Financial Institutions (PFIs) and Non-Bank Financial Institutions (NBFIs). It catalysed collaborations between innovators and PFIs to pilot gender-inclusive financing interventions supported by GFF innovation grants. The event also sensitized PFIs on the GFF innovation grant application process, selection criteria, and timelines.
Conclusion
The Gender-Inclusive Financing Innovation Expo served as a significant step towards addressing the financial challenges faced by women entrepreneurs in Uganda. Through collaborative efforts and innovative solutions, stakeholders are working towards creating a more inclusive financial ecosystem that empowers women and fosters sustainable economic growth
