Unlocking Success: Businesswomen Told to Partner and Embrace Technology

Unlocking Success Businesswomen Told to Partner and Embrace Technology - Madam CEO - Jackie Arinda
Unlocking Success Businesswomen Told to Partner and Embrace Technology
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In Kampala, women who run businesses are being advised to form partnerships and embrace technology to help their businesses grow. This advice comes from Ms. Ruth Asasira, the manager of the Rising Women in Business project, which is a partnership between dfcu Bank. She encourages women to create networks and select trustworthy partners who can help them write business proposals that attract financing and investment opportunities.

These partnerships, Ms. Asasira explains, can make it easier for dfcu Bank to provide financial support to women-owned businesses through group accounts, investment clubs, and smart club accounts, which offer special interest rates. By pooling resources and accessing financial markets like treasury bills, bonds, and fixed deposits, women entrepreneurs can expand their business ventures.

The 2023 Rising Woman in Business mentorship program, organized in collaboration with dfcu Bank, Nation Media Group (NMG), and the Uganda Investment Authority, aims to help Ugandan women in business grow, gain exposure through media advertising, and access financing solutions. The program targets businesses primarily in the education, health, manufacturing, ICT, agriculture, trade, infrastructure, and energy sectors.

The most outstanding women entrepreneurs who excel in writing business plans and proposals stand a chance to win funding of 15 million shillings from dfcu Bank, with the runner-up receiving UGX 10 Million and the third-place winner awarded UGX 5 Million. Additionally, these winners are sponsored for benchmarking tours to learn from successful companies within their sectors.

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The proposal writing competition continues until the end of October, and while not all participants may win the ultimate prize, they will have the opportunity to access funding at preferential lending rates. More than 1,000 businesses participating in this year’s mentorship series will also be part of the Rising Woman in Business Expo on November 24 and 25 at Lugogo UMA Showgrounds in Kampala.

Although there has been progress in reducing the prevalence of female genital mutilation (FGM) nationally, the Gender ministry reports that it remains a significant issue in regions like Karamoja and Sebei, with 50 percent and 20 percent prevalence rates, respectively. Uganda criminalized FGM in 2010, but some communities continue the practice in remote areas or cross into Kenya where enforcement is weaker.

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