PostBank Uganda has successfully disbursed Ushs 6 billion, the first tranche of the GROW Loan, to 353 women entrepreneurs.
This initiative, funded by the World Bank and implemented by the Ministry of Gender, Labour, and Social Development in partnership with Private Sector Foundation Uganda (PSFU), is part of a broader government effort to promote financial inclusion and support women-led businesses in Uganda.
The GROW Loan program, a government-backed initiative, is designed to provide affordable loans and business development support to help women entrepreneurs transition from micro and small enterprises to medium-sized and large businesses.
PostBank, the only government-owned bank involved in the project, has efficiently distributed the allocated funds to women across various sectors, including agriculture, trade, commerce, business services, and construction.
Ibrahim Kato, PostBank Uganda’s Chief Retail Officer, highlighted the importance of the initiative in driving both financial inclusion and economic growth.
“We thank the Government for championing such a great initiative that not only drives financial inclusion but encourages women entrepreneurs to participate in socio-economic activities aligned with the National Development Plan III agenda (NDP III). The goal is to increase household incomes and improve the quality of life for Ugandans,” Kato said.
The funds were disbursed through PostBank’s Smart Woman Account, a banking product tailored to the needs of women-led businesses.
Kato expressed confidence that this support would help grow these businesses, contributing to sustained economic development.
PostBank has already applied for the second tranche of the loan, signaling its commitment to further empower women entrepreneurs.
In addition to the GROW Loan, PostBank has been instrumental in other government initiatives, such as disbursing Parish Development Model funds, distributing COVID-19 relief payments, and assisting landslide victims in Bududa.