Gender-inclusive financing innovation expo offers opportunities for women entrepreneurs
Stakeholders said the Expo is “A landmark and a bold step toward financial equality and inclusivity for women entrepreneurs.” The Bank of Uganda, in a statement, laid bare the gender disparities in Uganda’s financial system.
Agutu Roseline runs a poultry business in her home in Bukaya Village, Njeru Municipality, Buikwe district. (Credit: David Lukiiza)
Nelson Mandela Muhoozi
Journalist @New Vision
Adongo Lucy runs a boutique business in Lira city. (Credit: David Lukiiza)
KAMPALA - The government has taken a historic leap toward closing the gender financing gap through the Gender-Inclusive Financing Innovation Expo, held at the MoTIV Innovations Hub in Bugoloobi.
The two-day event, which began on May 15 and concluded today, was spearheaded by the Ministry of Gender, Labour and Social Development (MGLSD), in partnership with the Private Sector Foundation Uganda (PSFU) and supported by the World Bank.
Held under the theme “Catalyzing Innovation for Gender-Inclusive Finance through the GROW Project”, the Expo brought together policymakers, fintech innovators, banking executives, and women entrepreneurs to unpack the persistent challenges women face in accessing capital and to co-create inclusive financial solutions.
A system still skewed
Stakeholders said the Expo is “A landmark and a bold step toward financial equality and inclusivity for women entrepreneurs.” The Bank of Uganda, in a statement, laid bare the gender disparities in Uganda’s financial system.
While account ownership among women has risen to 65%, only 34% have accounts in formal financial institutions, according to BOU.
It was revealed that women-owned enterprises represent just 24.4% of Uganda’s loan book, which is a loud alarm bell that means Uganda’s economic and financial systems are still not working for half of the population.
In addition, BOU noted that mobile money, though widely used, does not adequately support long-term capital needs for women’s businesses.
The Bank called for tailored financial products using gender-sensitive data, flexible repayment systems, and hybrid services that blend digital finance with human-centered support.
“We challenge every participating financial institution to leave this forum with a new product, a redesigned process, or a meaningful partnership to pilot gender-inclusive finance. The Bank of Uganda is ready to collaborate, innovate, and transform our financial ecosystem,” the statement said.
Financing women into economic sustainability
The cornerstone of the Expo was the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) Project, a $217 million (over sh800bn) initiative, with $40 million earmarked for refugee and host communities. Funding is provided through a grant under IDA-19 by the World Bank.
“These funds are not mere disbursements-they’re a lifeline,” said Aggrey D. Kibenge, Permanent Secretary at MGLSD. “Through the GROW Financing Facility, Innovation Grants, and the soon-to-be-launched Women Entrepreneurship Financing Learning Lab (WEFL), we are building a fairer economic future,” he stressed.
As of December 31, 2024, a total of 2,175 loans valued at $13.57 million had been disbursed by five participating financial institutions (PFIs): Centenary Bank, Finance Trust Bank, Post Bank, DFCU, and Equity Bank.
About 72 percent of disbursed loans fall within the sh4 to sh20 million bracket, according to Ruth Biyinzika Kasolo, GROW Project Coordinator at PSFU.
Additionally, PSFU revealed that the largest number of loans (72%) are in the 4 to 20 million range, benefiting women transitioning from micro to small enterprises.
Additionally, PSFU revealed that about 10% of loans have gone to registered businesses, while 90% are informal, highlighting the need for business development services.
The facility targets 28,750 women borrowers, with support ranging from direct loans to performance-based grants.
“We're incentivising both institutions and borrowers, rewarding good repayment behaviour, expanding financial literacy, and piloting alternative collateral models,” Biyinzika said.
Employing millions, anchoring households
Sarah Kagingo, Vice Chairperson of PSFU, underscored the gravity of the situation with powerful statistics, noting that “Nearly 40% of Uganda’s SMEs are women-owned, employing millions and anchoring households.”
However, Kagingo expressed worry that women-owned businesses command only 24.4% of credit and emphasised that the Expo should not just be about talk, but rather about solutions.
She cited a recent Auditor General’s report, which revealed that only sh18.52 billion ($4.88 million) of the allocated sh75.1 billion ($19.8 million) GROW funds were spent by June 2024.
This under-absorption highlights bureaucratic barriers and inadequate outreach issues that the Expo aimed to confront directly.
Women’s lower profit margins, earning 30% less than their male counterparts, were also cited as both a cause and symptom of unequal financing access, exacerbated by collateral limitations, informal service risks, and gendered business constraints.
“Let this Expo be the catalyst that drives continuous innovation,” said Kagingo. “As Vice President Jessica Alupo emphasised last year, we must simplify application processes and reduce red tape, particularly for rural women,” she added.
The GROW Facility, in collaboration with six commercial banks, has offered loans at rates capped at 10.5%, with 5% grants awarded to borrowers who repay on time.
These efforts are complemented by innovation grants that enable fintechs to co-create inclusive tools alongside financial institutions.
The chief executive officer at the Uganda Women Entrepreneurs Association Limited (UWEAL), Connie Kekihembo, advised women entrepreneurs, saying that “For a woman to be successful, know God, be honest and above all integrity, keep learning and don't be extravagant.”
Theopista Sekitto Ntale, the Country Director of New Faces New Voices, and the Africa Ambassador for the Financial Alliance for Women, said there are over 400 million women entrepreneurs around the world with the potential to grow their business.
This, she said, presents a $5 to $6 trillion value addition to the global economy if women and men participated equally as entrepreneurs. “On the other hand, there is a whopping $1.7 trillion revenue opportunity for financial service providers, and this is a huge opportunity for this sector,” she said.
Shared Commitment
In a closing message, the Ministry, PSFU, the World Bank, and participating institutions jointly reaffirmed their commitment to accelerating gender-inclusive finance.
“Innovation doesn’t end in a conference room,” said Aggrey Kibenge, adding, “It begins in the communities where women build Uganda’s economy, one day and one transaction at a time.”
GROW Project Performance by Region
By region, 45.4% of the GROW loan borrowers are in Greater Metropolitan Kampala. Of these, 24.5% are in Kampala City, 9.7% in Greater Masaka region and 8.5% in Ankole region.
In addition, majority of GROW loan borrowers (53.2%) are aged 31 to 55 years. Of these, only 4.2% are young women aged 18-30 years.
Recommendations from the expo
Stakeholders noted several recommendations they think can better the Grow initiative and government’s interventions to boost gender financial inclusion.
Redesign the Grow loan product to suit micro and small enterprises through flexible delivery channels, especially in rural areas and refugee-hosting communities.
Expand awareness and financial literacy efforts through targeted outreach, especially where uptake remains low.
Pilot alternative collateral models, including movable assets and group guarantees.
Use the WEFL to test and evaluate innovative financial models and share evidence-based learning across institutions.