Physical Address
Plot 123 Kampala, Uganda
A recent regional convening in Uganda highlighted the transformative power of digital services in advancing women’s financial inclusion. Hon. Rebecca Kadaga, Uganda’s Minister of East Africa Affairs, emphasized the need for government investment in digital infrastructure to facilitate a digital economy that enables women to own property and overcome traditional barriers.
“Digital services are vital for enhancing interaction, diversity, entrepreneurship, and innovation among women,” said Kadaga. “We need to work more and train people in how to use these services as government ensures that the digital infrastructure is available.”
The convening also showcased successful interventions like Uganda’s FINISAVE model, which has empowered 250,000 people, 60% of whom are women, to access financial services.
Mrs. Graca Machel, founder of The Graca Machel Trust, called for collaboration between government and private sector to support women in the digital economy. “Digital companies need to be brought on board… and they need to help them to know where they are and get them ready to work with them,” said Machel.
According to Shiphra Chisha, Director of Programs at The Graca Machel Trust, a staggering 68% of women in Sub-Saharan Africa lack mobile internet access, despite using mobile phones. Furthermore, a mere 34% of women in the region own bank accounts, compared to 48% of men.
These striking statistics, presented by Chisha, highlight the persistent gender gap in financial inclusion, underscoring the need for urgent action. The disparity not only hinders women’s economic empowerment but also limits their access to vital services, information, and opportunities.
Chisha’s data serves as a clarion call for policymakers, digital finance providers, and stakeholders to prioritize women-centric solutions and address the systemic barriers perpetuating this exclusion.
Dr. Theopista Ntale Sekito from New Faces New Voices Uganda emphasized the need for policy frameworks to enhance women’s financial inclusion. “We aim to explore strategies for promoting accountability and transparency in the digital financial sector to enhance women’s financial inclusion,” she said.
The convening underscored the crucial role of women’s financial empowerment in driving economic growth and social development in the East African Community Region. As Hon. Kadaga noted, “We need to decide strategies of how we can include and audit them.”
Success stories from women who have benefited from financial inclusion initiatives highlighted the transformative power of financial empowerment on individual lives and communities. Ms. Nakafeero Angella, Commissioner of Gender and Women Affairs, shared testimonials from women who have started businesses and improved their livelihoods through access to finance.
The convening marked a crucial step towards ensuring that women are not left behind in the rapidly evolving digital economy. Stakeholders were urged to share insights, forge partnerships, and develop strategies to uplift women across East Africa, recognizing the collective responsibility in achieving these goals.
