dfcu Bank has unveiled the GROW initiative in Western Uganda, a program dedicated to supporting women entrepreneurs through financial assistance and capacity-building resources. The initiative specifically targets female-led businesses, aiming to provide the tools necessary for scaling and sustaining their operations.
The launch event, held in Mbarara, attracted a diverse group of participants, including businesswomen, local government representatives, and executives from dfcu Bank, all emphasizing the bank’s commitment to fostering women’s entrepreneurship. The vibrant business community in Western Uganda presents significant opportunities for women, and the GROW initiative is poised to tap into this potential.
Annette Kiconco, Chief Retail Banking Officer at dfcu Bank, spoke passionately about the initiative’s impact on the region’s economy. “Women are integral to Uganda’s economic landscape. Many lead small and medium-sized enterprises that are crucial to our growth, especially in Western Uganda. The GROW initiative is tailored to address their specific challenges, providing both financial support and essential business knowledge,” she stated.
Recognizing the resilience and creativity of Western Uganda’s businesswomen, dfcu Bank is committed to offering holistic support through this initiative. Kiconco highlighted that GROW will not only deliver financial services but will also teach vital skills, including bookkeeping and marketing, to empower women entrepreneurs.
The GROW initiative builds on dfcu’s longstanding commitment to supporting women in business, extending from its flagship Women in Business (WiB) program, which has already empowered thousands of women across Uganda. Through programs like WiB and the Business Accelerator Program, dfcu Bank has consistently demonstrated its dedication to promoting inclusive economic growth and supporting female entrepreneurship.
Mbarara City Resident Commissioner Catherine Helen Kamwine praised the initiative, noting its favorable financial conditions and potential to boost the local economy. “We are thrilled that dfcu Bank is launching GROW in Western Uganda. The low interest rate of 10% per annum on the GROW fund will significantly benefit women, driving financial transformation for entrepreneurs in this region,” she remarked.
Wendy Lalum, Business and Trade Specialist for GROW at the Private Sector Foundation Uganda (PSFU), shared the initiative’s broader vision. “GROW aims to elevate women entrepreneurs, helping them transition from micro to small businesses, and from small to medium and large enterprises. While Uganda has the highest number of businesses in Africa, with 44% of the population engaged in entrepreneurship, 80% of these remain informal. GROW is designed to assist women in navigating compliance issues, acquiring new skills, sharing insights, and effectively networking.”
To kick off the initiative, dfcu Bank conducted a training session for over 200 women entrepreneurs in attendance, providing them with valuable insights and skills to advance their businesses. This launch in Western Uganda follows a successful implementation of the GROW initiative in Central Uganda, which was recently held at Owino Market in Kampala.
