Finance trust reaches out to women in entrepreneurship

The Finance Trust Bank has launched a nationwide women entrepreneurship training program, which aims to increase women participation in the formal financial sector.

According to the bank's head of marketing, Claire Tumwesigye, the program will be held in four regional centers of Kampala, Jinja, Mbale and Mbarara, where women will be skilled in savings, investment and record keeping.

"Many women have an income but they do not know how to invest and are still working outside the formal financial sector. This training will therefore open their eyes to key financial principals and increase their participation in the formal sector," she said.

According to statistics from the ministry of finance, 35% of the rural population in Uganda accesses their financial services informally, while 65% of this population is believed to have no access to credit facilities.

Statistics also show that about 62% of Uganda's population has no access to any financial services, while 65% of the women have no access to credit.

"The back born of any financial success is access to credit which many women, especially in rural places are lacking. That is why as a country, we should help women with essential information in order to increase their incomes," Tumwesigye said.

This was on the sidelines of the inaugural training seminar, at the Lugogo show ground in Kampala on Friday.

She said the seminars will among other things empower women entrepreneurs with skills to help them turn their ideas into business opportunities and ultimately generate income.

"As wives and mothers, it is important to have an income, but as women entrepreneurs, it is important know how to handle money as well as keep records to stay in business. Saving for example gives women a safety net but many of them are ignorant of that," she said.

Financial literacy entails acquisition of skills and knowledge that allows an individual to make informed decisions regarding money matters.

According to Bank of Uganda, there are approximately 5million bank accounts in Uganda's commercial banking sector, facilitated by long physical distance from banking institutions, which limits access to banking services.

Tumwesigye said that the bank has and will continue adopting innovative solutions to mobilise savings and increase financial inclusion.