Mbarara, Uganda – October 4, 2024 – dfcu Bank officially launched the GROW initiative in Western Uganda, aimed at providing financial support and capacity building for women entrepreneurs. The initiative, which targets women-owned businesses, is designed to equip female entrepreneurs with the tools and resources necessary to scale and sustain their ventures.
The launch event, held in Mbarara, brought together key stakeholders, including businesswomen, local government officials, and dfcu Bank executives, to underscore the bank’s commitment to supporting women in business. Western Uganda’s growing business community offers significant opportunities for women entrepreneurs to expand their enterprises, and the GROW initiative seeks to harness this potential.
In her remarks, Annette Kiconco, Chief Retail Banking Officer at dfcu Bank, emphasized the transformative power of the GROW initiative in enhancing the economic landscape of Western Uganda. “Women are a vital part of Uganda’s economic fabric. They lead many of the small and medium-sized enterprises that drive our economy, especially here in Western Uganda. The GROW initiative is designed to meet their unique needs, empowering them with both financial backing and the business knowledge to thrive,” she said.
Western Uganda’s businesswomen are known for their resilience and innovation, and dfcu Bank is stepping up to provide comprehensive support through this initiative. Annette Kiconco reiterated dfcu’s commitment, stating, “By implementing the GROW initiative, dfcu Bank is not only offering financial services but also equipping women entrepreneurs with other skills needed to excel, such as bookkeeping, marketing and so much more.”
The GROW initiative builds upon dfcu’s legacy of supporting women entrepreneurs, an effort that dates back to its flagship Women in Business (WiB) program, which has empowered thousands of Ugandan women. Through programs like WiB and the Business Accelerator Program, dfcu Bank has demonstrated its dedication to fostering inclusive economic growth and championing female-led enterprises.
Mbarara City Resident Commissioner, Catherine Helen Kamwine, praised the GROW initiative, noting its favorable financial terms and its potential impact on the local economy. “We are delighted that dfcu Bank has launched and will be implementing GROW in Western Uganda. Women will benefit greatly from the GROW fund, which offers a low interest rate of 10% per annum. This initiative will play a big role in delivering financial transformation for women entrepreneurs in Western Uganda,” she remarked.
Wendy Lalum, Business and Trade Specialist for GROW at the Private Sector Foundation Uganda (PSFU), highlighted the broader vision behind the initiative. “GROW is here to support women and help them move from one level to another—whether from micro to small enterprises or from small to medium and medium to large enterprises. Research shows that Uganda has the highest number of businesses in Africa, with 44% of the population involved in business, but 80% of these businesses remain informal. GROW is designed to help women address compliance matters, gain skills, share information, and network effectively.”
Following the launch, dfcu Bank hosted a business training session for over 200 women entrepreneurs who were present at the launch event.
The event in Western Uganda follows another successful activity by dfcu to implement the program in Central Uganda, which was held in Owino Market, Kampala.
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Helena Mayanja,
Head – Corporate Affairs & PR
HMayanja@dfcugroup.com
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