Issued by: WMC Africa
Stanbic Bank Uganda Limited, in partnership with the Global Influence Club, recently hosted its annual Women in Business Forum with the theme ‘Breaking Barriers to Trade 2023’ at the Sheraton Kampala Hotel.
The event brought together several women entrepreneurs and provided an opportunity to network and learn new business skills. The bank also presented a range of financial solutions that can support the growth of their businesses.
Eve Mpalampa, Stanbic Bank’s head of oil and gas business, commercial banking, said hosting the event was part of the bank’s mission: ‘Uganda is our home, we are driving its growth’.
She said Stanbic is committed to implementing programmes and products that can help transform society – and empowering women in business is one of its priorities.
“As a bank, we have many products, but because of our passion for empowering women, we launched the Stanbic for Her initiative. This includes training in financial literacy, cash flow and working capital management, credit management, savings, and debt management. Mentorship and advisory services are also provided by the bank with support from the International Finance Corporation (IFC) and the Stanbic Business Incubator,” she said.
The IFC is the private sector lending arm of the World Bank Group.
In her keynote address, Evelyn Anite, the state minister for investment, commended Stanbic Bank for championing women entrepreneurship in Uganda.
Ms Anite urged women to prioritise best practices in their day-to-day business operations in order to benefit from the various government empowerment projects.
“There is no way women can thrive in business if they do not follow best practices like legalising their businesses, paying taxes, keeping records, among others. If you don’t do that, there is no way government can support you or partner with you. Even commercial banks like Stanbic Bank will not give you financial support if you don’t follow these principles,” Ms Anite said.
Ms Anite stressed the need for value addition, branding, and proper packaging of products as key factors for a successful business.
Robert Mukiza, the director general of the Uganda Investment Authority, advised women to take advantage of government ministries, departments, and agencies such as UIA for free advisory services, land, warehouse space, and other business-enabling platforms.
Mr Mukiza said the authority has simplified operational requirements for businesses, by, for example, digitising the certification and licensing process for both local and foreign investors.
“A company is eligible for an investment licence after being incorporated in Uganda and meeting the following thresholds: foreign companies must have a capital investment of more than $250,000, while local companies must have a capital investment of more than $50,000,” he said.
“An application for an investment licence can be made online to the Uganda Investment Authority. Once all the required documents are submitted and deemed satisfactory, the licence will issued within 48 hours, free of charge. It is high time that women take advantage of this opportunity,” said Mr Mukiza.
The Stanbic for Her programme equips women entrepreneurs with basic business management skills and connects them to market opportunities through the bank’s extensive business networks, reaching over 10,000 beneficiaries by June 2023.
Through the programme, women have also accessed Shs65bn in discounted loans at 15.5 per cent interest, the lowest in the market, and have mobilised over Shs15 billion in deposits.
“We are pleased with the results of the programme, which have been achieved in less than two years since its inception. The graduates of the initiative have demonstrated an impressive ability to run their businesses efficiently, with the skills they have gained, and have also proven to be disciplined customers, borrowing and repaying their loans on time,” Ms Mpalampa said.
