In a powerful move to empower female entrepreneurs, dfcu Bank and Monitor Publications celebrated the seventh Rising Woman Awards, shining a spotlight on the growing need for tailored financial and educational support for women in business. But here's where it gets controversial—is this enough to bridge the gender gap in Uganda's business landscape?
The bank's commitment to women's empowerment is evident, with its Women in Business program, a pioneering initiative in Uganda, having supported over 80,000 women since 2007. Annette Kiconco, the bank's Chief Retail Banking Officer, proudly stated that dfcu Bank has set the standard for women-focused financing, a model that other banks are now trying to emulate. The program offers financial literacy, advisory services, and customized credit, along with a unique Women Business Advisory Centre that provides free business resources and mentorship.
The Rising Woman initiative, a collaboration with Monitor Publications, has been a game-changer, reaching an impressive 60,000 women through regional trainings, proposal writing assistance, mentorship, and seed funding. This initiative has successfully integrated 118 women-owned firms into major supply chains, thanks to partnerships with MTN Uganda, ATC, and Innovation Village.
Dr. Anna Nakanwagi-Mukwaya, Managing Director of Mak4, pointed out the initiative's critical role in filling the void left by government programs, which were only reaching a fraction of potential beneficiaries. The Rising Woman Initiative has made a significant impact, benefiting over 5,200 women in seven years, and its success is attributed to the strategic partnership with Monitor Publications, which has amplified its reach.
This year's edition of the awards provided training to more than 150 women-owned businesses, covering essential skills like financial literacy, digital proficiency, credit management, and bookkeeping. The event also honored 20 outstanding women entrepreneurs from across Uganda. Keynote speaker Barbara Ofwono Buyondo, CEO of Victorious Education Services, inspired attendees with her journey, emphasizing the importance of continuous learning and responsible borrowing. She encouraged women to seek support through networking, reminding them that success is a collective effort.
As Uganda strives for economic growth, the Rising Woman initiative stands as a beacon of progress. However, the question remains: Is this a sustainable solution to gender inequality in entrepreneurship? What more can be done to ensure women-owned businesses thrive in the long term? Share your thoughts in the comments below, and let's keep the conversation going!
