Women entrepreneurs empowerment is more than just a buzzword; it’s a critical pathway to societal progress. dfcu’s Women in Business Program demonstrates how targeted financial support can unlock tremendous potential for women business owners.
Empowering women is like watering the roots of a tree, it nourishes the entire community. This was one of dfcu Bank’s considerations when it started the dfcu Women in Business Program (WiB) in 2007. As the name suggests, Women in Business is intended to support women entrepreneurs by increasing access to the full range of the bank’s products and providing business advisory and credit at preferential rates.
“Women in Business sets dfcu apart as the bank is specifically looking to empower women,” said Dr Gudula Naiga Basaza, chairperson of the Bank’s Women Business Advisory Council. “dfcu has been a trailblazer in promoting women in business, offering tailor-made support and networking opportunities to help them in their business endeavors.”
The program recognises that businesswomen have unique challenges that in part, are a result of deeply entrenched societal expectations, impediments, and cultures. Dr. Naiga Basaza refers to an experience that she says affirmed the necessity of the dfcu Women in Business Program.
“During one of the first trainings in Isingiro District, we took the women to open accounts in the bank. Many had never stepped into a banking hall before. When one woman got her ATM card she broke down and cried. When I asked her what the problem was, she said that for the first time in her life, she had a place to keep her money safely,” Dr Basaza said.
This is the reality for many Ugandan women, entrepreneurs and otherwise. Access to financial services remains one of the barriers that keep women from reaping the full benefits of the wider financial ecosystem, whether that be loans or digital financial services.
In 2015, dfcu set up a Women in Business Advisory Center, a physical location which caters to the Bank’s women SME customers. In 2022, the bank launched the Business Accelerator Program. All these have the specific intention of providing an enabling environment and practical guidance to women who own Small and Medium Enterprises.
“Overall, more than 80,000 women are enrolled in the dfcu Women in Business Program. On the celebration of our 60th anniversary, we reaffirm our pledge to the women of Uganda- dfcu Bank is committed to walking the entirety of your financial journey with you. From our inception to date, we have fulfilled the mandate of what we started in 2007 and we will continue to do so.”
There is no doubt in Dr Naiga Basaza’s mind that dfcu Women in Business Program is a timely intervention and its effect will be far-reaching and very beneficial for the future of the country.
“Women who are half the population of the country, have been marginalized for a long time. By uplifting them you are unlocking their value which will not only be beneficial to them but to the society as a whole.”
Watch the full interview here…
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