KAMPALA, UGANDA – Finance Trust Bank has trained over 2000 women entrepreneurs in financial literacy and mindset change, preparing them to benefit from the $217 million Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project.
The GROW project, funded by the World Bank, aims to support women-led enterprises in Uganda transition from micro to small and from small to medium-sized businesses.
The training, conducted by Finance Trust Bank, focused on financial management, marketing, and mindset change.
According to Prof. Waswa Balunywa, a renowned expert in financial literacy, the training program is designed to empower women entrepreneurs to overcome the entrenched societal barriers that have long hindered their success in business.
He emphasized that women have been conditioned by society to believe they are limited to domestic roles and are incapable of excelling in business, despite overwhelming evidence to the contrary. “Research has consistently shown that women are better managers than men, yet they are often held back by societal expectations and biases,” he noted.
Prof. Balunywa highlighted the importance of recognizing and leveraging women’s emotional intelligence as a key strength in leadership. “Women’s emotional intelligence is often misunderstood as a weakness, but it is actually a powerful asset that enables them to build strong relationships, communicate effectively, and make informed decisions,” he explained.
Prof. Balunywa emphasized that the training program is about empowering women to break free from the fixed mindset imposed by society and believe in their own potential. “The only difference between men and women is physical and biological – it’s time to shatter the glass ceiling and unlock the full potential of women entrepreneurs,” he said.
Annet Nakawunde, Managing Director of Finance Trust Bank, highlighted the significance of the financial literacy training, tailored specifically for women participating in the GROW project. “While we regularly conduct financial literacy sessions for women, this program is uniquely designed to equip them with the skills and knowledge necessary to effectively utilize loans provided under the GROW project,” she explained.
Nakawunde emphasized the bank’s commitment to empowering women entrepreneurs, stating, “We received close to shs23 billion to lend to women at affordable terms, but we recognized the need to prepare them to manage these funds wisely. Our training focuses on mindset change, financial decision-making, and effective marketing strategies to ensure they can grow and sustain their businesses.”
The GROW project adopts a comprehensive “wrap-around” approach, comprising four integrated components designed to support women entrepreneurs in transitioning from micro to small or small to medium-sized enterprises. Nakawunde noted, “Our primary focus is on transforming the mindset of these women, enabling them to confidently access loans, manage finances, and make informed business decisions.”
As part of the project, Finance Trust Bank will offer loans ranging from shs4 million to shs200 million at an interest rate of 10.5% to support women-led enterprises. Nakawunde added, “We also draw on the experiences of successful women entrepreneurs in Uganda, sharing their insights and stories to inspire and motivate participants.”
For beneficiaries like Jane Nalwanga, a small business owner from Kampala, the training has been transformative. “I never knew I had the potential to grow my business until I attended this training. Now, I have the skills and confidence to expand my customer base and increase my sales.”
The training has also helped entrepreneurs like Maria Namatovu from Kibuye to overcome financial management challenges.
GROW project, funded by the World Bank, is a comprehensive initiative designed to empower women entrepreneurs in Uganda. Aligned with the Government’s NDP III goal, GROW aims to promote women’s economic empowerment, leadership, and participation in decision-making through strategic investments in entrepreneurship programs and business centers.
GROW tackles the structural barriers hindering women-owned businesses, including financial inclusion, business development services, infrastructure, and effective participation in the development process. Through a phased approach, GROW collaborates with development partners to deliver technical assistance and capacity-building support to key stakeholders, including the Ministry of Gender, Labour and Social Development (MGLSD), the Private Sector Foundation Uganda (PSFU), and the Office of the Prime Minister. This support focuses on enhancing productivity among female entrepreneurs in refugee and hosting communities.
The GROW project consists of four components: Support for Women Empowerment and Enterprise Development Services ($42 million), Access to Finance for Women Entrepreneurs ($90 million), Enabling Infrastructure and Facilities for Women Enterprise Growth and Transition ($70 million), and Program Management Support, Policy Innovation, and Evidence Generation ($15 million). These components aim to provide training, access to finance, infrastructure, and program support to empower women entrepreneurs and address the barriers they face in growing their businesses.
