PostBank Uganda has announced it has completed the disbursement of shs6 billion in the first tranche of the GROW loans.
The $217 million (shs805 billion) project named Generating Growth Opportunities and Productivity for Women Enterprises(GROW) aimed at supporting women entrepreneurs in the country is funded by the World Bank and implemented by the Ministry of Gender, Labour and Social Development in partnership with Private Sector Foundation Uganda (PSFU).
PostBank is the only government bank implementing the GROW project .
According to PostBank, during the first phase, 353 women entrepreneurs have benefited from the GROW loans.
“We thank the government for championing such a great initiative that not only drives financial inclusion but encourages women entrepreneurs to participate in social economic activities that align with the governments National Development Plan III agenda (NDP III), with the aim of increasing the average household incomes and improve the quality of life of Ugandans,” said Ibrahim Kato, PostBank Uganda’s Chief Retail Officer.
“Through the PostBank’s Smart Woman Account, we have been able to disburse the first tranche of shs 6 billion and we believe this will go a long way in growing women’s businesses and contribute to sustained economic development,” Kato added.
The GROW Loan product is exclusive to women-led businesses and is being disbursed through a PostBank Account to provide affordable banking solutions.
“As a bank with a purpose of driving financial inclusion to enable our people to Grow and Prosper, we welcome projects like the GROW loan which is designed enable women entrepreneurs to take charge of their financial future. We have applied for and we are awaiting the disbursement of the second tranche to PostBank, so that we can continue to support the government to grow women led businesses in Uganda,” noted.
