Equity bank Equips Women with Financial Literacy and Business Growth In Iganga

In a significant step to empower women entrepreneurs in Eastern Uganda, Equity bank has today engaged with hundreds of small-scale and micro-business owners in Busoga subregion.

The event held in the town of Iganga is part of the second edition of the “Abakyala ku Ntiiko” initiative that aims to equip women with financial management knowledge, accounting, record keeping skills and improving their access to financing – key factors in scaling businesses.

Introduced in March 2024, the Abakyala ku Ntiiko initiative has already made substantial progress in changing the financial landscape for women in micro and small-scale businesses across the country. By providing financial education, business mentorship, and access to banking solutions, Equity bank is helping women-led enterprises in Busoga Sub-region thrive. The Iganga event brought together a diverse group of women from various sectors, all eager to learn how to better manage their finances, secure financial support and grow their businesses.

Speaking at the event, Ruth Nakaima- Deputy Speaker of Iganga Municipality applauded Equity bank for its impactful initiative in empowering women. She expressed optimism that Abakyala Ku Ntiiko engagement will impact several women-led businesses and   transform lives.

“Equity bank’s support has transformed the lives of many women by giving skills training, boosting financial literacy and enhancing confidence; and we can even empower more women to step out of their comfort zones and achieve success,” said Nakaima.

Ronald Nakhasanga Equity bank’s Regional Manager highlighted the bank ‘s support towards women entrepreneurs through tailored offering such as Equi Mama business loans, school fees loans, youth loans and SACCO loans among others.

“Our purpose is truly working, we have given people dignity and the chance to create wealth,” Nakhasanga said.

He added, “When we bring women together, we want to show them that they are the roots of this nation. Through financial literacy and tailored financial products, we are empowering women to take charge of the economic future.”

Barbara Namata, Relationship Supervisor – Group Lending at Equity bank, outlined key micro products designed to empower businesses and individuals. “We have the Micro loan available to everyone aged 18 years and above. Asset financing which covers up to 70% of land acquisition. Also, vehicle and asset purchases with a 30% initial payment, and the Agri-micro credit facility.”

“For young entrepreneurs; the Youth loan provides group-based financing ideal for boda boda purchases, while the Youth SME Loan offers up to UGX 40M for those with established businesses. Women aged 36 and above in registered groups can benefit from Equi Maama facility, which requires no collateral, while the SACCO loan supports group expansion. Other products include; the EquiGreen facility for eco-friendly initiatives,” Namata remarked.

During the engagement, several women shared their success stories, demonstrating how financial literacy and banking solutions have helped them scale their businesses. For instance, some women who previously operated informal businesses are now leveraging business loans to expand their inventory. Others have embraced digital banking solutions- allowing them to manage their transactions seamlessly and save for future investments.

The initiative also facilitated networking opportunities, enabling women entrepreneurs to learn from one another and explore potential collaborations.

The Abakyala ku Ntiiko drive will continue across different regions including Lira in the North on March 25th and Kiboga in the central on March 28th.