Economic Empowerment
Source: Daily Monitor
Government and banking institutions have been urged to come up with policy interventions that will fully integrate women and youth in formal financial services.
Speaking during a graduation ceremony at Makerere University Business School last week, Centenary Bank managing director and chairman Uganda Bankers Association (UBA) Fabian Kasi said women and youth still face challenges in saving, investing and accessing credit due to majorly cultural beliefs that sometimes prohibit them from owning property, studying, and taking up leadership roles.
“It is evident that women and youth comprise an important market segment for businesses. However, these continue to remain at the peripheral and are financially excluded than men,” Mr Kasi said, adding: “As an industry in partnership with UBA, we can work together with government to come up with policies that will further improve financial inclusion of women and youths.”
Ms Annette Nakawunde Mulinda, the managing director Finance Trust Bank, said the bank has designed products that will address the low uptake of financial services by women.
“We are doing financial literacy workshops at Finance Trust Bank aimed at introducing women to the different financial services that we provide,” she said, adding: “Financial institutions need to design more products that include the youth in them.”
Mr Kasi said despite the challenges, women have been able to transcend the barriers and set up innovative financial solutions such as the Nigina groups which have supported saving and credit facilities, and banks have also come up with products that target both groups.
“At Centenary Bank, we have built our business by providing financial services especially microfinance to the unbanked, particularly those in rural areas, and to those often considered to be at the peripheral,” he said.
Populaton divide
According to the 2014 State of Population Report, Uganda has one of the youngest populations in the world with under 15 years estimated at 48.7 per cent.
51.4 per cent of the total population are females, according to the 2014 National Population and Housing Census Report.