Ruth Asasira According to an article titled ‘Unlocking the potential of women entrepreneurs in Uganda’ and published by the World Bank, Uganda has a strong culture of entrepreneurship, including among women. It is one of only seven countries worldwide that has achieved gender parity in terms of the number of women driven to pursue entrepreneurial activities.
The Fourth Edition of the Mastercard Index of Women Entrepreneurs ranked Uganda at (38.2 percent) of total female business owners – an indication that nearly four in every 10 business owners in Uganda are women. The report also noted a disproportionate impact of the Covid-19 pandemic on women entrepreneurs around the world, with 87 percent saying they have been adversely affected.
Despite the fact that women entrepreneurs own at least 31 percent of all registered Small and Medium Enterprises (SMEs) in Uganda (SMEs make up at least 70 percent of the economy, contributing 20 percent of GDP), they still face a myriad of issues such as the fact that they are concentrated in sectors that were heavily hit by the economic downturn, the pronounced digital gender gap in an increasingly virtual world, and the mounting pressures of childcare responsibilities, leaving them most vulnerable.
With the reopening of the economy, women entrepreneurs need to level up and take advantage of opportunities to propel their businesses to the next level. According to Rosemary Mutyabule, a board member of dfcu Bank’s Women in Business Advisory Council, women entrepreneurs should embrace the opportunities offered by technology to expand their markets beyond their immediate vicinity.
“With the re-opening of both the local and global economy, now is the time to give your business a new focus and use the lessons you have picked from the last two years of the Covid-19 lockdown to rebuild your business and position it for growth. It is time to reflect on and embrace digital innovation & e-commerce,” she advised.
“The digital space will expose our businesses to a wider customer base with differing preferences. Let’s innovate and offer them value. Dfcu bank has made it possible for us to do business through various digital channels such as quick banking, agency and mobile banking,” she urged.
In partnership with Daily Monitor and Uganda Investment Authority, dfcu Bank launched the fifth edition of ‘Rising Woman’ a platform where women entrepreneurs can gain business skills among which include how to use technology for business sustainability. Women entrepreneurs also stand a chance […]