Only 7% Ugandan women have bank accounts

Business

By Catherine Nakato

Stakeholders that deal in women's economic empowerment initiatives have called upon women to formalize their businesses by accessing financial literacy, adopting digital infrastructure and skilling in order to fill gaps of empowerment.

Women's economic empowerment initiators say that it's high time for women to break social norms in order to have stable finances.

While officiating at the Uganda Bank Association Economic Empowerment Forum, the Minister for Gender, Labour and Social Development, Betty Amongi expressed worry over the slow adoption of financial digitalisation among women saying only 7% of the women have volutarily opened up bank accounts something that hinders business accountability.

“Advise women to self-invest without men, majority of the men are rich on commission agent. Women are still facing challenges of self decision making and have failed to adopt finance digitalization” Amongi said.

She added that to break social norms, women have to create paths to promote financial stability by bridging gaps in both soft and hard aspects when joining a business.

The Resident Representative for Uganda in the United Nations Development Programmes, Elsieg Attafuah however says despite all efforts there are a number of barriers hindering women's Empowerment including investment gaps and poor marketing systems.

The chairperson Uganda Bank Association, Sarah Arapta says the forum is aimed at increasing the number of females seated at lower forms of banking.

“This forum will help unveil the need for ladies in the banking sector and empower women in business, especially those on a small scale, “ says Sarah Arapta

According to the Ministry of Gender, the globe loses over 160 trillion US dollars in wealth due to differences in employment among women and men.

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