At least 2000 women have received training in financial literacy and mindset change from Finance Trust Bank preparing them to benefit from the $217 million (shs805 billion) project named Generating Growth Opportunities and Productivity for Women Enterprises(GROW) aimed at supporting women entrepreneurs in the country.
The money is a grant from the World Bank and the five -year project that seeks to enable women led enterprises grow and transition to the next level is to be implemented by the Ministry of Gender, Labour and Social Development.
On Friday, the women were given tips by financial experts on how to manage finances but also to change their mindset in order to be successful.
“Women have been socialized by society which has given some roles that they belong to the kitchen and can’t do business and yet research indicates they are better managers than men. Whereas they are emotional, they actually use that emotion to become better leaders,” Prof. Waswa Balunywa, an expert in financial literacy said.
“What we are telling them is that society has told them something they are not and can leave that fixed mindset and believe in themselves to succeed. The only difference between men and women is only physical and biological.”
Finance Trust Bank Managing Director, Annet Nakawunde said whereas the bank always holds financial literacy sessions for women, this was particularly tailored at preparing women to take up loans as part of the GROW project.
“The bank was nominated to foster the GROW project under the Ministry of Gender. We received close to shs23 billion to lend out to women to at affordable terms. We found it relevant that we cant give this financial assistance to women without preparing them. We are preparing them to receive the funds and utilize them properly and then pay back,” Nakawunde said.
She said the training also focused on training women on marketing their various products .
“We are focusing mainly on mindset change for these women. We want to change their mindset about business, being able to acquire loans and pay back, making financial decisions and many others. We want them to be able to market their products effectively.”
Nakawunde said as part of the GROW project they are to give out loans between shs4 million and shs200 million at an interest of 10.5% to women to support their enterprises.
She explained that as part of the training, they also introduce insights from women entrepreneurs who have successfully navigated challenges in Uganda’s business landscape to motivate fellow women.
