Women's economic empowerment initiatives have united stakeholders in a call to action, emphasizing the need for women to formalize their businesses through enhanced financial literacy, digital infrastructure utilization, and skill development.
The aim is to address the existing gaps in women's empowerment and break free from entrenched social norms.
At the Uganda Bank Association Economic Empowerment Forum, the Minister of Gender, Labour, and Social Development, Betty Amongi, expressed concerns about the slow adoption of financial digitalization among women.
She revealed that a mere 7% of women have voluntarily opened bank accounts, hindering business accountability.
"It's crucial that women embrace financial digitalization to ensure their businesses’ sustainability and success," noted Betty Amongi, emphasizing the need for women to overcome traditional barriers to financial inclusion.
Betty Amongi further highlighted the importance of women creating pathways for promoting financial stability by addressing both soft and hard aspects when entering the business arena.
These changes will help women break free from the social norms that have constrained their financial independence.
Elsieg Attafuah, the UNDP Resident Representative to Uganda, acknowledged the efforts put into women's empowerment but highlighted significant barriers that persist.
These barriers include investment gaps and poor marketing systems, which have impeded the progress of women-owned businesses.
"While we've made strides in empowering women, there are still significant obstacles that hinder their full participation in the economy," commented Attafuah, emphasizing the importance of addressing these barriers to achieve sustainable women's empowerment.
The Ministry of Gender revealed a staggering statistic, indicating that the world loses over $160 trillion in wealth due to differences in employment opportunities between women and men.
This further underscores the urgency of advancing initiatives that promote women's economic empowerment.
The call for women to formalize their businesses by accessing financial literacy, adopting digital infrastructure, and acquiring essential skills resonates with a collective effort to break free from entrenched social norms.
