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Bankers Association Members wants more women in Banking leadership roles.

By Drake Nyamugabwa


The Uganda Bankers Association Members intends to serve as a platform for thought leadership, collaboration and actionable insights, reinforcing the commitment to achieving a banking and financial services industry that offers women equal opportunities as employees, customers, and entrepreneurs set to deliver in-depth discussions on gender-inclusive financial models, women’s leadership and the challenges women face in accessing capital.


Arapta Sarah, the CEO Citi Bank while giving her opening remarks during a Women Enterprises Empowerment Forum held in Kampala on 7th November 2024 said “Our national demographics composition indicates that women make up 51% of the population, and more specifically women under 35 years of age are approximately 18.2 million of the 45.9 million”

She however said that women often face various social and economic barriers that impact their usage of banking and financial services including limited access to education and training,limited digital literacy,socio-cultural rigidities and ownership constraints around collateral or even control of businesses.

Arapta added that though the banking sector employs over 19,500 staff,52% of whom are female, women remain underrepresented in leadership positions with 24% at CEO Level and 31% at executive level. In Lending terms (extension of credit) only 24.4 % of the industry loan book is extended to women initiatives and businesses.


Daniele Nyirandutiye, the Mission Director USAID Uganda while delivering a Keynote address highlighting the pivotal role USAID funding has played in empowering women through various initiatives said "Today's theme, ''Accelerating Female Leadership for Gender-Inclusive banking and financial services', aligns closely with the U.S Government’s commitment in Uganda. We are always seeking ways to enhance women’s access to financial services across the sectors we support".

She said that USAID identified several barriers to women’s access to credit, including; Lack of knowledge about banking procedures, Lack of self-confidence in approaching banks, Lack of ability to prepare adequate applications for bank financing, Limited access to modern management methods, Inadequate services to assist small and medium-sized enterprises in preparing feasibility studies for business expansion and bank financing.

Banks were often reluctant to lend to small businesses and had little experience in lending to them. The banking industry was and still is male-dominated from credit officers to top management. These realities affected the development of financial products designed to address women’s needs. At times, this limited funding for long-term lending and banks were not able to provide close supervision needed in mid-term lending to small and medium-sized enterprises that faced strict collateral requirements" she said.


She added that overcoming these barriers is critical not only for opening up opportunities for women in either of the above categories but also contributes to addressing broader development goals of gender equality/equity, inclusivity, poverty reduction and improved livelihoods which sets the stage for economic growth. As a sector, we are increasingly investing in partnerships and collaborations to contribute towards bridging the gender gap in financial literacy, access to finance and empowerment of women at the decision-making stages.

"A standout example of innovation is USAID’s support through the Feed the Future Strategic Investments Activity, which, in partnership with Mastercard Foundation and TLG Capital, enabled the NSSF to launch the Hi-Innovator Program in 2021. This program supports youth and women entrepreneurs an integral part of Uganda’s MSME landscape by addressing their challenges in accessing credit. So far, this initiative has unlocked $1.2 million in private growth capital, empowering 10 youth and women-owned businesses with catalytic seed funding and building entrepreneurial capacity to make them more competitive” she said.

Salma Ingabire, Country Lead VISA Uganda said “We recognize the importance of fostering an environment where women can thrive and lead, driving innovation and growth in our industry. In a fast-changing financial sector, the significance of including individuals from both genders is immense as diverse teams bring a wealth of perspectives, experiences, and ideas, which are crucial for driving innovation and addressing the complex challenges faced by the industry. By fostering an inclusive environment where both men and women can thrive, organizations can harness the full potential of their workforce, leading to more effective problem-solving and better decision-making”


She said that through the Visa Foundation, “we’ve launched initiatives like the 'RevUp' Women program, which provides funding, mentorship, and resources to help early-stage, women-led startups in Africa scale sustainably. Similarly, the 'Graça Machel Trust's Firestarters' initiative aims to support 100 women-led small-to-medium-sized businesses across Uganda, Kenya, and South Africa, driving economic empowerment. Our global 'She’s Next' initiative also champions women-owned small businesses by offering funding, training, and mentorship, alongside several other programs.

Salma called for the advancement of female leadership in gender-inclusive financial services as both a moral and business imperative which she said will drive innovation, strengthen decision-making and foster a resilient, inclusive industry.

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