The women-focused financing program, “Equimama,” has now been extended to small-scale and micro-business operators in the greater Masaka sub-region. The goal is to help these women either start or rebuild their businesses, which have been affected by various challenges.
Scovia Kyabatuku, the Bank’s Financial Literacy Trainer, explains that in addition to offering collateral-free loans and a low interest rate of no more than 15 percent, the program also tackles other structural barriers to the growth of women in business.
Kyabatuku notes that studies revealed that aside from the lack of capital, many women—particularly in rural areas—lack essential financial management skills and the self-confidence needed to seek information about available financing opportunities to bring their business ideas to life.
To address these challenges, the program provides practical advice on self-care and business management, alongside information about affordable credit products for women.
Under this initiative, Kyabatuku explains that individual women can access micro-loans starting from 100,000 shillings, while organized women’s enterprise groups can receive up to 100 million shillings.
A significant challenge identified is the lack of collateral, which limits women’s access to capital and, by extension, excludes them from the broader money economy in comparison to their male counterparts. However, Kyabatuku points out that many women, driven by a desire for money, often join multiple micro and Village Savings and Loan Associations (VSLAs), where they end up with unrealistic loans that do little to improve their financial standing. As part of the program, the bank has developed a special training module that teaches women critical business management skills, such as debt management, financial discipline, and balancing work and personal life—key requirements for business growth.
Florence Bukko Nakku, Micro Banking Officer at Equity Bank, explains that the program also seeks to increase women’s participation and visibility in the business sector by giving them the capacity to remain sustainable. The initiative was developed after observing the challenges faced by businesses during and after the Covid-19 pandemic, which severely affected many businesses. “We are here to serve women and provide the financial tools they need to grow their businesses and become larger entrepreneurs,” Nakku emphasized.
Local small-scale women entrepreneurs, Janipher Nkwanzi and Hellen Namugerwa, who operate a confectionery shop and a salon, respectively, have called on the bank to offer longer grace periods for loan repayment. They argue that micro-businesses typically require longer periods to generate significant returns on investment, making them vulnerable to collapsing under tight loan repayment schedules. “If we can get ready money at friendly terms and conditions, this capacity-building training can be of great benefit to many women,” Nkwanzi shared. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).