Equity Bank’s Enterprise Development and Financial Inclusion program has reached a significant milestone, supporting over 100,000 women and youth in the past two years. The program aims to empower entrepreneurs, particularly women and youth, by providing them with the necessary skills, knowledge, and financial support to grow their businesses.
The program has been instrumental in promoting financial inclusion, with 58% of the beneficiaries being women. The initiative has also created jobs and stimulated economic growth in the regions where it operates.
Sylvia Akankwasa, a beneficiary of the program from Arua, Uganda, shares her story. “We were on the verge of total collapse. I could not borrow for another 5 years because my Financial Card was too dirty with unsettled obligations. I was considering going to money lenders when Equity Bank came around. They gave me the benefit of the doubt and lent me money under the Equity Mama facility.”
Sylvia’s stationery shop has since grown into a fully-fledged multimedia printing operation, employing seven workers. “The loan helped us to recover and stabilize our financials; it rescued us from imminent collapse. One of the reasons we are still around is because they gave us the benefit of the doubt. If they had not given us the money at that time; we would have gone to money lenders and I don’t know how this would have ended,” she adds.
Rebecca Katisi, another beneficiary from Mbale, Uganda, advises fellow women to partner with Equity Bank to support their growth. “I encourage fellow women to come forward and partner with Equity Bank. They will get support and guidance to grow their businesses.”
The program has also benefited Yahala Khasifa from Mbale, Uganda, who has expanded her business and invested in land. “No words can fully express my gratitude to Equity Bank. I have been able to grow. I am also dealing in timber and have the capacity to double my business. I have also invested in land and plan to develop it.”
The Enterprise Development and Financial Inclusion program is designed to stimulate job creation by providing MSMEs with access to financial and technical resources. The program has a gender bias that favors youth and women, and has so far trained over 115,956 youth, 58% of them women, in financial literacy and entrepreneurship education.
“We want to stimulate job creation by helping Micro, Small and Medium Enterprises (MSMes) access the financial and technical resources that enable them to grow into impactful operations,” said a representative from Equity Bank.
The program has been successful in empowering women and youth, creating jobs, and promoting financial inclusion. It is a testament to the bank’s commitment to supporting the growth and development of entrepreneurs in the region.
In conclusion, Equity Bank’s Enterprise Development and Financial Inclusion program has made a significant impact on the lives of women and youth in the region. The program’s success is a testament to the bank’s commitment to empowering entrepreneurs and promoting financial inclusion. As the program continues to grow and expand, it is likely to have an even greater impact on the region’s economy and communities.
