Businesswomen in Bunyoro have been challenged to embrace saving for future investment.

Sylvia Nalumaga, the co-ordinator of Bunyoro Women Development Network (BUWODEN), who doubles as Hoima city deputy mayor says there is a need for women in business to avoid extravagant spending. According to her, they should focus on saving.

She made the call on Wednesday during a women's business skills training meeting organised by BUWODEN in partnership with the Uganda Women Entrepreneurs Association. The meeting attracted over 200 women from Hoima city, the districts of Kikube and Hoima.

Women attending the business training, they said that they find it hard to register their business

Nalumaga said through saving, women will be able to invest for the future and pay for the loans borrowed for the business.

She also advised women to always pay their bills such as power and water bills in time to avoid their accumulation, which might lead to their failure to pay them and affect the growth of the business in the end.

She also warned businesses against mismanagement of loans acquired.

Beatrice Kyosiga from the Uganda Development Bank, who conducted the training challenged women to form groups and register their businesses.

She noted that several businesses are not registered, which makes it difficult for banks and other financial institutions to support them with loans.

Kyosiga added that banks are ready to help and empower women's businesses to get financial support once they are organised.

She also challenged businesswomen to have an emergency fund to be able to sustain their business adding that without an emergency fund when you get a problem you go for the business capital and in the end the business will collapse.

Ubra Katusabe, a member of UWONED, said many women find it hard to have their businesses formalised and end up missing out on the opportunities because they are not registered.

She noted that the money involved in registration is a lot yet their businesses are still growing and urged the Government to help them to register their business.

Enock Kigenyi, the registration officer at the Uganda Registration Services Bureau said formalising a business has a lot of benefits.