![[Uganda] DFCU bank invests in training women entrepreneurs](DFCU.jpg)
[Uganda] DFCU bank invests in training women entrepreneurs
DFCU bank has rolled out a training and legal counsel programme targeting women entrepreneurs in Uganda as it seeks to appreciate the contribution of women to the economy.
“Today, women own approximately 40 per cent of the Small and Medium Enterprises in Uganda and employ nearly two million people. This translates into considerable direct and indirect contribution to the Gross Domestic Product,” The dfcu Bank managing director, Mr Juma Kisaame said.
However, in spite of the growth trends, women in business tend to have fewer opportunities and one of the key reasons is inadequate business skills and knowledge on how to operate in the markets place.
The timing of the training comes at a time when Uganda is aspiring to become a middle income country by 2020. For this to happen, Mr Kisaame said the country needs to build a strong and vibrant private sector able to create jobs and tax revenue for the government.
“Our contribution is to support these enterprises to keep them on their feet and avoid collapsing,” Mr Kisaame said.
Mr Wasswa Balunywa, the principal Makerere University Business School (MUBS), said the problem of Uganda as a country is poverty which arises as a result of lack of incomes. “Our businesses don’t have high levels of productivity to allow them to compete,” he said, adding: “This is so because we don’t have the necessary skills and training to espouse this.”
The advisory services will be offered under the dfcu women in business programme, an initiative that was established by dfcu Bank in 2007 with an overall objective of creating a business enabling environment for women entrepreneurs.
Speaking during the launch of the partnership at the dfcu head offices in Kampala Uganda, Mr Derrick Nkajja, the chief executive officer Institute of Certified Public Accountants Uganda (ICPAU), said finance and accounting are vital for every business. Through the programme, ICPAU will introduce women in business to the basics of accounting and finance.
“We shall offer trainings that will empower women in business to improve financial management and bookkeeping of their businesses by enhancing their appreciation of basic concepts of financial and management accounting,” he said.
The business training will be conducted by professors and technocrats from MUBS advisory services and counseling will be conducted by the Uganda Law Society with support from dfcu Bank.
The goal is to help government to propel the country to middle-income status by 2020. It is expected, according to the National Development Plan 2 that per capita income would be in the range of $1,033 (about Shs3.4m) by 2020.
