Stanbic Bank Uganda has unveiled a special offering of financial and non-financial services for women in business aimed at empowering them with competitive abilities to succeed in a world of business dominated by men.
The bank said participating women will benefit from financial literacy training, cash flow and management of working capital, loan management, managing savings and debt, mentorship, and advisory services extended by the bank with support from IFC and Stanbic Business Incubator.
Ugandan women own about 39% of businesses with registered premises, yet they receive only 9% of commercial credit, according to IFC and that the intervention by Stanbic Bank will support efforts geared towards reversing this situation.
The bank will also provide information on market needs and linkages through networking opportunities as well as capacity building and mentorship supported by the Stanbic Business Incubator---a sister company of Stanbic Bank Uganda.
To encourage a savings culture among women entrepreneurs, Stanbic Bank is offering Educare– an insurance and savings product for children, medical and home insurance aimed at securing women in the event of loss of income or natural disasters such as death.
The Stanbic For Her programme, women will also be equipped with knowledge on investment and wealth creation with support from the SBG Securities.
Women will be offered opportunities to invest in treasury bills and bonds from as low as Shs 100,000, access to a dedicated financial and wealth advisor, fixed deposit earnings of up to 6% per year with flexible investment periods and other opportunities.
In terms of transactions, Stanbic Bank is enrolling women in business instantly, making payments and transferring funds to any wallet with Flexipay, charging zero management fees per month, providing VISA card loyalty rewards and more.
The Chief Executive Officer, Stanbic Bank, Anne Juuko said, "As a Ugandan business, Stanbic understands the challenges faced by different segments of the market, including women."
"As our country’s economy rebuilds from the last two years bedevilled by the pandemic, we want to empower women and women-led enterprises to lead the recovery process," Juuko said.
