Equity Bank Uganda Brings Affordable Financing to Buvuma Island District

The government’s GROW Project, implemented with support from the World Bank and the Private Sector Foundation Uganda (PSFU), has been extended to Buvuma island district. This initiative aims to increase women's access to financial and business development services, enabling them to start, strengthen, and expand their enterprises. Equity Bank Uganda is among the participating financial institutions.

According to Nelson Mugisha, Enterprise Development Manager at Equity Bank Uganda, the decision to extend the project to Buvuma followed a review of its national coverage. The review established that the project had already reached 134 of Uganda's 136 districts, leaving Buvuma and Otuke as the only districts yet to benefit. Equity Bank Uganda is pleased to be part of the effort to bridge that gap.

Under the GROW Project, eligible women entrepreneurs in Buvuma can access loans ranging from Shs1 million to Shs100 million, depending on their business needs and loan category. Equity bank is also offering free financial literacy training, support for business registration and formalisation, as well as business digitalisation. This training equips participants with practical skills in budgeting, record keeping, debt management, and business growth.

The programme seeks to address barriers that women often face when accessing credit, including limited access to collateral. Under the GROW framework, married women may use their spouses' security to support loan applications, subject to applicable requirements. This aims to enhance women's access to credit and promote their economic empowerment.

Equity's outreach to Buvuma complements other development initiatives in the district, such as the National Oil Palm Project, where many women are already engaged in commercial agriculture. Silverstar Kagga, a Financial Literacy Trainer at Equity Bank Uganda for the Eastern Region, noted that interest from women already involved in the National Oil Palm Project reinforced the need to bring GROW services closer to the island community.

Equity Bank Uganda is also encouraging women entrepreneurs to embrace a savings culture and take advantage of digital banking services, which can reduce the cost and time spent travelling long distances in search of financial services. The bank urges women to borrow responsibly and take advantage of other banking products tailored to their businesses.

The extension of the GROW Project to Buvuma is expected to have a positive impact on the local economy, particularly for women entrepreneurs. By providing access to affordable financing and business training, Equity Bank Uganda aims to empower women to grow their businesses and contribute to the district's economic development.

Key points

• Equity Bank Uganda offers loans ranging from Shs1 million to Shs100 million to eligible women entrepreneurs in Buvuma under the GROW Project.
• The programme provides free financial literacy training, support for business registration and formalisation, as well as business digitalisation.
• Equity's outreach to Buvuma complements other development initiatives in the district, such as the National Oil Palm Project.