Uganda’s State Minister of Finance for Investment and Privatization, Evelyn Anite has showered Stanbic Bank with accolades, heralding their unparalleled support for and elevation of women entrepreneurship in Uganda.
Anite, the relentless champion of women’s empowerment, lauded the bank’s distinguished feats in uplifting women during the annual Women in Business Forum, which unfolded under the resounding theme of ‘Breaking Barriers to Trade 2023’ at the lavish Sheraton Kampala Hotel.
Stanbic Bank, standing as a beacon of unwavering commitment, has etched a profound mark in the annals of empowering women in their audacious entrepreneurial pursuits.
Their brainchild, “Stanbic for Her,” stands as a testament to their singular dedication to propelling women towards the stars they reach for.
In a fervent plea, Anite beseeched women to prioritize best practices in their day-to-day business operations, an essential gateway to reaping the benefits of various government-empowering projects.
“Without embracing practices like legalizing business, paying taxes, and meticulous record-keeping, women can’t flourish in business. The government, even stalwarts like Stanbic Bank, can’t provide full support without these bedrock principles,” emphasized Anite, her words resounding with sagacity.
The event not only fostered a congregation of intrepid women entrepreneurs, providing a fertile ground for networking and the acquisition of invaluable business acumen, but also showcased a treasury of financial solutions poised to be the bedrock of their enterprises’ growth.
Minister Anite, a fervent advocate for value addition, branding, and impeccable product packaging, illuminated the path to a thriving venture.
Uganda Investment Authority’s Director General, Robert Mukiza, bestowed sage counsel upon women, urging them to harness the plethora of government ministries, departments, and agencies, such as UIA, to access free advisory services, prime real estate, and warehouse space. UIA’s streamlined processes, now digitized, heralded a new era for businesses of all hues.
Mukiza, the harbinger of simplified pathways, unveiled the golden ticket: an investment license that unfurls after incorporation, setting thresholds for foreign firms at a princely $250,000 and domestic firms at an admirable $50,000.
The license, attainable online, materializes within a mere 48 hours, a testament to UIA’s unyielding commitment to expediting progress.
The annual Women in Business Forum, orchestrated in symphony with the Global Influence Club, marked a crescendo in Stanbic Bank’s mission to drive Uganda’s growth.
Eve Mpalampa, the illustrious Head of Oil and Gas Business Commercial Banking at Stanbic Bank, exuded pride as she emphasized the bank’s resounding purpose: ‘Uganda is our home, we drive her growth.’ Stanbic’s indomitable resolve to transform society was epitomized by the “Stanbic for Her Initiative,” a cornucopia of offerings encompassing financial literacy, astute cash flow management, adept working capital handling, shrewd loan management, and deft savings and debt management.
Mentorship and advisory services, fortified by the International Finance Corporation (IFC) and Stanbic Business Incubator, stood as the bedrock of this visionary initiative.
The Stanbic for Her program, a crucible of empowerment, equipped over 10,000 women with fundamental business acumen and tethered them to expansive commercial networks. This monumental effort saw women accessing a staggering UGX 65 billion in discounted credit, at an unprecedented 15.5% rate, and marshaling over UGX 15 billion in deposits.
“We’re ecstatic with the program’s swift triumph, achieved in under two years since its inception. Armed with newfound skills, women have demonstrated a commendable knack for efficient business operations, proving to be disciplined borrowers, seamlessly repaying their loans,” exulted Mpalampa.
This resounding success has not only fortified women in their entrepreneurial endeavors but also solidified their reputation as disciplined borrowers, faithfully meeting their financial obligations.
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