A cross section of the Women participants with Hon Amongi and Dr Biyinzika in a photo moment at the Hotel Africana event
HABARI DAILY I Kampala, Uganda I The government of Uganda has pledged to expand the Generating Opportunities for Women Entrepreneurs (GROW) project to enhance and support women in managing their businesses.
Betty Amongi, the Minister of Gender, Labour, and Social Development, who recently interfaced with over 500 women borrowers from Greater Kampala Region that had accessed Grow Loans from Centenary Bank and Finance Trust Bank, said GROW was more than just loans. They converged at Hotel Africana recently.
“I have been impressed by the success stories from the Women on how the Grow loan has helped women to improve and transform their businesses,” she said, advising them to also use other services of Grow which will be unveiled soon.
She congratulated them upon acquiring the funds and cautioned them to repay their loans on time such that other women can benefit from the same fund.
Amongi noted that her ministry had undertaken a study and realized that lack of capital is not the only barrier preventing women from succeeding in business.
She added that other factors hinder women’s economic empowerment, including inadequate business management skills, limited access to equipment, and challenges in product certification, among others.
Women participants having a Kodak moment at the Hotel Africana event
The minister emphasized that the expansion of the GROW project aims to address the gaps identified in the research. She also mentioned that the project would create opportunities for women to learn from each other by connecting successful women in various business fields on a shared platform to exchange experiences and mentor one another.
According to the Mastercard Foundation, Amongi noted that Ugandan women rank among the top five in Africa for entrepreneurship, highlighting how innovation has influenced global policy dynamics.
With a range of products under the GROW project, the government aims to enable 35,000 Micro and 4,000 small enterprises to transition from small businesses to medium and large businesses that can compete in national, regional, and global markets, Minister Amongi remarked.
Dr Ruth Biyinzika Kasolo, the GROW Project Coordinator, said that overall, from the GROW Loans made so far, only 7% of the borrowers’ businesses were registered.
“This has highlighted the need for support in formalization which would open more opportunities to the women entrepreneurs,” she said.
Beatrice Lugalambi, the General Manager of Corporate Communications Affairs at Centenary Bank, acknowledged that women in Uganda are central to economic activities, running businesses that sustain families.
Women participants having a light moment at the Hotel Africana event
Lugalambi noted that access to funding remains a significant challenge for women entrepreneurs. However, Centenary Bank remains committed to providing financial solutions tailored to women’s needs.
She revealed that under the GROW project, Centenary Bank initially targeted the disbursement of 468 loans but has exceeded expectations, disbursing 728 loans amounting to Sh14.5 billion. These loans have significantly impacted women entrepreneurs in Kampala, Wakiso, and South Central Uganda, where businesses have received substantial financing.
She further noted that most women who received the funds operate in the trade and agriculture sectors, with a smaller number engaged in manufacturing.
She also acknowledged the challenges in reaching marginalized groups, including refugees, persons with disabilities, and communities under affirmative action, such as Karamoja, Busoga, and Bukedi.
Lugalambi appealed to the Private Sector Foundation Uganda (PSFU) to reduce the minimum lending amount from shs4 million to Shs1 million to enable communities under affirmative action to access funds, given the nature of businesses in these regions.
Additionally, she urged the minister and PSFU to improve fund availability and minimize delays, revealing that Centenary Bank currently has Shs28 billion worth of loan applications from women entrepreneurs awaiting approval.
Hon Amongi (M) and Dr Biyinzika during an interface with the media
In response, Minister Amongi assured women who have applied for loans but have not yet received funds to be patient. She emphasized that the government is committed to disbursing all Shs98.8 billion under the first phase of the GROW project.
Amongi also noted the upcoming introduction of additional GROW products, such as grants, alongside loans.
She further revealed that in the next phase of disbursement, the government will involve microfinance institutions and cooperatives to ensure that women seeking smaller loan amounts, such of between Shs2 – Shs3 million, can access funds. This will also benefit women in rural areas where banks are inaccessible.
Regarding concerns over stringent borrowing conditions, Amongi clarified that the government has placed all risk on the banks, meaning it is up to the banks to recover the loans. As a result, banks have implemented strict borrowing requirements to ensure loan repayment.
A cross section of women participants and officials from the PSFU taking a group photo
The GROW project is expanding beyond just providing loans, aiming to equip women with business skills, mentorship, and financial support.
With continued government and private sector collaboration, the project is set to empower thousands of women entrepreneurs, fostering business growth at local, national, and global levels.
