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PostBank Uganda driven by its purpose of Fostering Prosperity for Ugandans has completed UGX 6 billion disbursement of the first tranche of the GROW loan to 353 women entrepreneurs, a project funded by the World Bank and implemented by the Ministry of Gender, Labour and Social Development in partnership with Private Sector Foundation Uganda (PSFU).
GROW Loan is a government-backed initiative aimed at fostering entrepreneurship among women by providing affordable loans and business development support, focusing on boosting financial inclusion and promoting economic growth in Uganda.
The GROW project aims to support women in transitioning from micro and small to medium sized and large enterprises.
PostBank, the only government bank among the banks implementing the GROW project has efficiently disbursed all the funds that it had been allocated to women entrepreneurs across various sectors, including agriculture, trade and commerce, business services, and construction.
“We thank the Government for championing such a great initiative that not only drives financial inclusion but encourages women entrepreneurs to participate in social economic activities that align with the government’s National Development Plan III agenda (NDP III), with the aim of increasing the average household incomes and improve the quality of life of Ugandans,” Ibrahim Kato, PostBank Uganda’s Chief Retail Officer said.
“Through the PostBank’s Smart Woman Account, we have been able to disburse the first tranche of UGX 6 billion and we believe this will go a long way in growing women’s businesses and contribute to sustained economic development,” Kato added.
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The GROW Loan product is exclusive to women-led businesses and is being disbursed through a PostBank Account to provide affordable banking solutions.
“As a bank with a purpose of driving financial inclusion to enable our people to Grow and Prosper, we welcome projects like the GROW Loan which is designed to enable women entrepreneurs to take charge of their financial future.
We have applied for and we are awaiting the disbursement of the second tranche to PostBank, so that we can continue to support the government to grow women led businesses in Uganda,” Kato concluded.
In addition to the GROW Loan, PostBank has been pivotal in supporting the Government to implement projects that are designed to foster prosperity for Ugandans. Some of the projects include disbursement of the Parish Development Model money through the Wendi Mobile Wallet by PostBank, payment of COVID 19 funds to households and support of the Landslide victims in Bududa among others.