Ugandans get finance boost from women-run rural banks
Women living in rural Uganda who want to start a business can now turn to women-run banks in order to secure finance.Women living in rural Uganda who want to start a business can now turn to women-run banks in order to secure finance.
A total of six such financial institutions are in operation in the country, with the aim of giving females the funds needed to set up a firm, IPS News reports.
Many women do not hold the necessary capital to access funds offered by commercial banks, so can turn to these specialist lenders, whose members all have a stake in the bank and receive dividends every year.
"We mobilise women and encourage them to fight hunger and poverty by saving as well as accessing small loans," explained Rose Nanyonga, Manager of African Women Food Farmer Initiative, a rural bank located in Wakiso, around 20km away from the country's capital Kampala.
It has the backing of the Hunger Project, which has a loan portfolio totalling around $2.4 million (€1.82 million) across eight African countries, including Uganda.