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NMG, dfcu Bank tip women on business sustainability
Some of the women attend training under the Rising Woman Initiative at Pelikan Hotel in Mbarara City last Thursday. PHOTO/SHEILLAR MUTETSI
What you need to know:
- During the launch of the fifth Rising Woman Initiative in Mbarara City last Thursday, the manager for dfcu Women in Business initiative, Ms Ruth Asasira, decried the rate at which small businesses are collapsing.
- Mr Joshua Watwaluma, the senior activations and promotions officer at NMG, said the aim of the initiative is to equip women in business in Uganda with skills to the highest level
Daily Monitor, a Nation Media Group company, in partnership with dfcu Bank and the Uganda Registration Services Bureau (URSB) have trained at least 350 women in Mbarara District on business sustainability to stay afloat amid financial struggles.
The training was organised under the Rising Woman Initiative.
During the launch of the fifth Rising Woman Initiative in Mbarara City last Thursday, the manager for dfcu Women in Business initiative, Ms Ruth Asasira, decried the rate at which small businesses are collapsing .
“We want to ensure that those who have been in business can sustain them to stay and grow. For those that have not yet started, get loans and those that have started, keep in business without failing as we provide them with loans and knowledge on how to use them to their own benefit,” she said.
Ms Asasira said according to MasterCard index of women in entrepreneurship findings in 2019, Uganda ranks number one in Africa, with 38 percent of women in business.
However, findings from the National Small Business Survey of Uganda in 2015 found limited access to finance as a major constraint to the growth of small and medium enterprises (SMEs).
“This is one of the reasons why we are training women on how to exploit the competitive market digitally, to stay up in ranking and yet fight the constraints on their businesses failing to thrive,” she said. She added: “Besides the participation, the women can still get seed capital even if they do not win.”
Mr Joshua Watwaluma, the senior activations and promotions officer at NMG, said the aim of the initiative is to equip women in business in Uganda with skills to the highest level.
“We have some of the best entrepreneurial women in the world. That is why we have partnered with dfcu, URSB and Uganda Investment Authority to equip these women with the necessary skills ranging from loan acquisition to legally owning a business,” he said.
Ms Asasira said for the last five years, the initiative has seen 40,000 women in business trained.
Ms Aisha Sherry, a shoe dealer and resident of Kijungu Cell in Nyamityobora Ward, Mbarara City, said the initiative has impacted positively on the lives of women in business.
“I personally made terrible mistakes that were limiting my business from growing. However with this training and the knowledge I have gained, I will definitely do better in business,” she said.
About the initiative
The Rising Woman Initiative was started by Monitor Publications Ltd, publisher of Daily Monitor newspaper, in partnership with dfcu, Uganda Investment Authority, and Uganda Registration Services Bureau in 2017 to equip women in business with skills. It involves several activities such as proposal writing, power talks, business advisory caravans, mentorship programmes and an all paid trip to Nairobi for the top 10 winners and Shs30m prize for the top three winners.
