dfcu Bank, in partnership with the Uganda Investment Authority (UIA) and Monitor Publications Limited (MPL) has launched the fifth edition of the ‘Rising Woman’ program.
‘Rising Woman’ is an initiative that aims to recognize, celebrate, and promote a culture of mentorship among women in the business space in Uganda.
Under the theme, ‘Taking your business ahead’, the initiative focuses on providing female entrepreneurs with the knowledge, skills, and abilities to improve how they operate their businesses and enable them to create profitable operations.
Rising Woman is under dfcu’s Women in Business Program which aims to create a business enabling environment for women entrepreneurs, with a special focus on Small and Medium Enterprises (SMEs).
Speaking at the launch, Hon Judith Nabakoba, the Minister of Lands, Housing and Urban Development who officiated at the function, applauded the sponsors of the initiative, noting that women require multi-faceted support to become successful entrepreneurs.
“I want to commend the organisers for having come up with a unique program for women to not only empower women in leadership but also business. It’s a more sustainable mode of business because it creates an increasing base of clients who can afford and there is a trickledown effect,” she said
The initiative recognises the most critical sector of Uganda which is the SMEs.
“Women in SMEs are the engine for unlocking growth and livelihood at grassroot. Thank you for redefining how SMEs are by women in Uganda,” Nabakoba said.
The fifth season, unlike previous editions which considered only one overall winner, will have three different winners based on three main categories of: Agribusiness Value addition, Manufacturing & Consumer services, Digital Innovation & E-commerce.
To stand a chance to win the overall Shs10M cash prize in each category, women entrepreneurs will be required to write a business proposal on any of the three categories.
The top ten (10) winners will qualify for a one-week all-expense-paid exchange program in 2023 to an exciting destination which will be announced later.
Speaking at the launch, Mathias Katamba, CEO of dfcu Bank said that majority of female enterprises are in the informal sector with no formalization, therefore, limiting their sustainability and growth locally, regionally and globally.
“They also face other multiple challenges such as from access to finance, markets, business exposure and business skills. What we are doing will offer them all-around support services to enable them to bloom into their full potential,” he said.
He added, “Working with our partners, we are committed to developing a supportive environment for women entrepreneurs to bolster their success. We are doing this through enterprise skills training, showcasing the work of women SMEs through marketing exhibitions and symposiums, offering tailored financial solutions, strategic networking opportunities and other bundled services.”
SMEs contribute approximately 30% of Uganda’s gross domestic product (GDP) and employ more than 2.5 million people (UIA). Women enterprises are concentrated in trade, accommodation, and food services, and a few are involved in agriculture, fishing, transport, and storage as well as information and communication. Women tend to shun businesses that require technical skills and thus miss out on many opportunities.
“If the communities we serve thrive, then we are also bound to thrive. We are confident that supporting SMEs, especially women-led enterprises, will greatly contribute to economic development,” he said.
The Rising Woman Initiative was first launched in 2018 and has had four successful editions. Over the past four years, Rising Woman has directly benefited more than 60,000 women and over 1 million more, virtually, through a range of programs that included regional power trainings, Live TV talk shows, proposal writing competitions and mentorship trips within the region.
The Initiative provides an avenue to work with diverse women to turn business ideas into reality and act as agents of change in their communities whilst addressing the ever-growing challenges they face.
According to the 2020 Mastercard Index of Women Entrepreneurs (MIWE), Uganda ranked first (38.2%) of total female business owners.
This indicates that nearly four in every ten business owners are women.
“At dfcu Bank, we continue to partner with other leading organizations to tap into the potential of women as contributors not only in the business world but also in the community, towards national development and the globe. We are supporting women to navigate their multiple roles as entrepreneurs, in their families and communities,” Katamba reiterated.
Through the initiative, thousands of women have benefited directly through the regional trainings in the districts of Bushenyi, Mbarara, Kampala, Mbale, Gulu, Jinja, Lira, Masaka, Kitgum, Iganga, Ibanda, Adjumani, Hoima including being a part of two mentorship programs in Nairobi.
Application
Interested businesswomen should visit www.dfcugroup.com to download a form with guidelines on proposal writing and then submit the proposals at any dfcu Bank branch, Daily Monitor offices country wide and UIA offices or district commercial officers in the respective districts. Or Email: womeninbusiness@dfcugroup.com
The trainings/Power talks will be conducted across the regions of Uganda which include Northern – Gulu and Lira, Western – Mbarara and Hoima, East -Mbale and Jinja then Central – Kampala. These power talks/trainings will run along with the Business advisory caravans.
