By Dorah Kahunde
Two key words have taken the corporate world by storm; Sustainability and ESG (Environment
Social Governance).
Many organizations globally are working towards attaining sustainability certifications by implementing environmentally friendly practices as well as ensuring they have airtight corporate governance structures by engaging in, sponsoring and supporting activities and initiatives that positively impact the societies and communities they are in.
While the Environment and Governance pillars have taken center-stage, the Social pillar has
been marginalized.
It entails human rights, ethical labour standards, equity, diversity, philanthropy and most importantly gender equality.
In the past, businesses focused on the provision of goods and services. However, over time, the communities within which they exist began to expect more from them.
Businesses had to contribute more positively by serving a social purpose; the social aspect looks at employees as well on top of the customers, suppliers and communities.
In the society we live in, some groups of people are predisposed to more systemic inequalities
and injustices than others.
Businesses have the responsibility to address the inequalities within the locus of their control otherwise they participate in the system that upholds them.
A major group on the receiving end of systemic inequalities is women.
This manifests in various ways in their everyday lives, in this case, let us focus on access to
financial services.
Financial independence for women is a critical puzzle piece for bridging the gender gap. The constraints in accessing finance for women cripples their potential to uplift themselves.
Uganda is a highly enterprising country with about 1.1 million MSMEs accounting for 80% of the
country’s GDP which is according to a November 2022 article on the UN Trade and Development (UNCTAD) website.
The publication further highlighted that 1.8 million informal businesses are run by women, youth and refugees.
The figure of women in the informal sector as per the UNCTAD article on how the new strategy
will help the country promote private sector growth and resilience to economic shocks presents the perfect opportunity to usher them in the money economy through access to formal banking services where they can get financial support to boost their businesses.
As a partner that supports government to implement the National Development Plan III (NDP
III) aimed at increasing average household incomes and improve the quality of life of Ugandans,
PostBank Uganda has taken numerous strides to ensure that small scale businesses (SMEs) not
only survive but thrive and continue upward in the value chain as we grow more Ugandans in
the economy which supports with the NDP III agenda.
While great strides have been made, financial exclusion remains a barrier for many women in
business, particularly in developing countries like Uganda.
In recognition of this, PostBank is on a journey of fostering prosperity for Ugandans which aligns with its new tagline of Grow.Prosper to design products that enable Uganda’s to access financial services across the country.
All efforts made, in addition to the recent launch of the GROW women’s Enterprise project in
partnership with the Private Sector Foundation Uganda and Government of Uganda is a step in the right direction as it has ushered in a desired era where women in business will have access
to subsidized loans that will consequently result into the growth and prosperity.
By providing women with the tools for financial independence, we can dismantle systemic
inequalities and pave the way for a more inclusive future where every woman can thrive.
The writer is a Communications Officer at PostBank Uganda.