Musasizi Urges Ugandan Women Entrepreneurs to Formalize, Embrace Technology

Finance Minister Henry Musasizi has strongly advised women entrepreneurs across Uganda to embrace formalization, technological adoption, and skill enhancement as crucial steps towards boosting their businesses’ productivity and competitiveness.

Speaking at an event in Kabale Town marking the closure of an engagement with beneficiaries of the Growth Opportunities and Productivity for Women Enterprises (GROW) Project, Musasizi emphasized the importance of leveraging digital platforms. He encouraged women to move beyond traditional markets by utilizing online tools to expand their reach, build valuable networks, and gain access to essential knowledge and export opportunities.

“Integrate modern technologies for efficiency and better products. Keep financial records, register and formalise your businesses and build strong networks through joint ventures to access appropriate technologies, improve knowledge and access to export markets,” Musasizi urged the entrepreneurs. He highlighted the government’s commitment to supporting the transition from subsistence living to productive enterprises and from informal to formal business structures.

The minister also addressed concerns regarding access to government funding, issuing a stern warning to government-owned financial institutions. He cautioned them against obstructing eligible beneficiaries from accessing funds, such as those under the GROW project, by pushing alternative loan products. Musasizi indicated that officials found to be deliberately hindering beneficiaries could face severe repercussions, including dismissal.

State Minister for Elderly Affairs, Jacqueline Mbabazi, echoed the call for women to actively seek GROW funds and announced plans to establish district-level common-user facilities to support women-owned businesses. She also advocated for the inclusion of vulnerable and marginalized groups, such as the elderly, persons with disabilities, and the Batwa community, in benefiting from the project.

However, some women entrepreneurs raised concerns about the stringent collateral requirements for accessing GROW funds, with many women lacking land titles. They urged the government to reconsider these requirements, drawing parallels to how refugees are supported without such prerequisites, to ensure broader access to the program’s benefits.

The event in Kabale brought together approximately 500 participants, including entrepreneurs, financial institutions, and government officials, fostering a platform for sharing experiences and understanding available support. The GROW project is a collaborative initiative between the Ugandan government and the World Bank, with a significant financial commitment to empowering women in business.

Source: Daily Monitor (Uganda)