Equity Bank Uganda has launched a new product called Equi-mama, which is a credit facility designed to support women entrepreneurs in rural Uganda. The aim of the product is to provide affordable capital, business skills training, mentoring, networking opportunities, and tools to help women succeed in business. The product was launched at the Ntungamo Municipal Grounds, with First Lady and Minister for Education Janet Museveni praising the bank for creating a product specifically for women. Mrs. Museveni also highlighted the challenges faced by women in accessing credit facilities, particularly due to the lack of collateral and limited financial literacy.
Equity Bank Managing Director, Anthony Kituuka, affirmed that the Equi-mama proposition has been designed to address the unique needs of women at the micro-level. The bank conducted extensive research to understand the financial challenges faced by women at the bottom of the economic pyramid and how to overcome these challenges. The product offers unsecured loans ranging from UGX5m to UGX40m, as well as insurance for maternity, life, catastrophe, fire, and temporary or permanent disability. Equity Bank also provides free financial and entrepreneurial literacy training to help women overcome hurdles such as record-keeping, accounting, and long-term business planning.
Equi-mama was first developed in 2021 to address the challenges faced by women entrepreneurs affected by the COVID-19 pandemic. Equity Bank has already trained over 89,000 women in various aspects of business development and growth and given loans to over 20,000 women in various groups under the program. The bank’s support for women entrepreneurs includes tailored business advisory sessions, advanced business workshops, networking, and linking them to financial services, investments, and markets.
Before the product launch, Mrs. Museveni opened the new Equity Ntungamo branch, bringing the total number of branches to 50. Equity Bank operates in six East African countries and Ethiopia. The Equi-mama product is accessible to women of all backgrounds and income levels, offering flexible payment options and no application fees to make it easier for women to access the bank’s services.
