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Equity Bank is gearing up to honor Women’s Month through a series of special events designed to empower and uplift women in small-scale businesses, enabling them to reach their full potential. Aligned with the International Women’s Day theme of ‘invest in women; Accelerate progress,’ Equity Bank aims to provide support to its women customers, particularly those in the micro-segment.
Dubbed ‘Abakyala ku Ntiiko,’ these events feature inspirational speakers, financial literacy training sessions, and exhibitions showcasing products from women customers who are supported by the Bank. The initiative kicked off in Kampala at the UMA Exhibition Hall in Lugogo and will continue its journey to Fort Portal, Mbale, Gulu, and Hoima.
Elizabeth Mwerinde Kasedde, Executive Director of Equity Bank, emphasized the significance of financial independence for women during the launch of “Abakyala ku Ntiiko.” She acknowledged the challenges women encounter in managing finances, including multiple responsibilities and systemic barriers like gender discrimination.
Equity Bank has developed tailored products such as the Equi-mama suite to address these challenges. These products offer personalized financial planning, investment advice, and insurance coverage specifically designed for women. Additionally, the Bank provides free financial literacy training, access to unsecured financing, mentorship, and networking opportunities for women.
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The Equi-mama product encompasses medical insurance tailored for women, covering aspects such as maternal health, long-term illness, permanent disability, and life insurance. According to Mwerinde, the ‘Abakyala ku Ntiiko’ events aim to educate women about these products while celebrating their achievements in business and society. Equity Bank’s commitment to empowering women reflects its dedication to transforming lives and expanding opportunities for wealth creation.
Recognizing the pivotal role women play in community development, Equity Bank set up credit facilities in 2021 that currently support 50,000 women and youth. These facilities provide free financial management training, networking opportunities, peer mentorship, insurance cover, and unsecured financing to help women overcome daily challenges in their small enterprises.
Laura Bahemuka, Head of Micro Segments at Equity Bank, highlighted the special products tailored for women’s welfare and economic independence. Under the Equi-mama credit facility, women are encouraged to save and are provided with financial support to grow their enterprises. Bahemuka emphasized the importance of supporting women, stating that impacting women’s lives ultimately benefits the entire community.
Equity Bank places a strong emphasis on financial literacy training, which has become mandatory for both youth and women. Over 50,000 women have undergone training in financial management, emphasizing essential skills such as saving, budgeting, and loan management. Bahemuka stressed the importance of grooming clients in business management to ensure sustainable growth and success.
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