Housing Finance Bank (HFB) has announced the launch of a new initiative to promote female entrepreneurship in Uganda with the launch the HFB Woman. This program, developed in collaboration with the Uganda Women Entrepreneurs Association Limited (UWEAL), aims to provide women entrepreneurs across the country with access to affordable financing to help grow their businesses.
In conjunction with this announcement, the two organizations revealed plans for the Annual Women in Business Leaders Awards 2024, which are scheduled to take place in November. This awards ceremony aims to celebrate the achievements of women in the business sector, further reinforcing the importance of gender inclusion in Uganda’s economic landscape.
The initiative aligns with the broader goals of Uganda’s Vision 2040, which seeks to create more opportunities for women as a fundamental strategy for reducing gender disparities and fostering socio-economic development. Earlier this year, HFB joined forces with the European Investment Bank Global to secure a €50 million investment aimed at bolstering the private sector in Uganda, with a particular emphasis on supporting small and medium enterprises (SMEs) owned or operated by women.
Despite women comprising over 48% of Uganda’s workforce, they access only around 30% of available credit, according to the World Bank. This gap poses a significant barrier to personal and national economic growth. The World Bank further estimates that closing the gender gap in workforce participation could potentially boost Uganda’s GDP by as much as 8%.
The HFB Woman initiative is tailored specifically for individuals and registered micro and small enterprises owned by women, particularly those involved in trade, services, or production. For businesses to qualify, at least 60% must be owned by women aged between 18 and 68 years. The program offers loans ranging from UGX 10 million to UGX 50 million, with repayment terms extending up to three years. Agricultural ventures will benefit from an additional six-month grace period, alongside free advisory services and relationship management.
Peace K. Ayebazibwe, Executive Director of Housing Finance Bank, expressed the profound impact of investing in women, stating, “Women tend to reinvest a significant portion of their earnings back into their families and communities. This means that when we empower women economically, the benefits ripple outward, improving education, health, and well-being for entire communities. So today, we are not only launching a product, but we are also sowing a seed towards the growth of communities and Uganda as a whole.”
Connie Kekihembo, CEO of UWEAL, highlighted the significance of this partnership, noting, “The HFB Woman initiative aligns perfectly with our mission to empower women entrepreneurs to create wealth through capacity building, networking, and advocacy. By collaborating with Housing Finance Bank, we are taking significant steps toward demystifying the barriers women face in accessing finance and resources.”
