BRIDGING THE GAP: LAST MILE FINANCIAL THE BRAC BANK WAY
Breaking Barriers to Financial Access
Why are small-scale women entrepreneurs (SSWEs) in Uganda less financially included? What can we do about it? From limited financial literacy to lack of collateral; complex banking procedures to digital scarcity, these women face challenges.
BRAC Uganda Bank Limited (BUBL) is addressing these gaps through a knot package of affordable microfinance, flexible product features, financial literacy training and continual refinements of their offerings. To enhance this impact, BUBL contracted FRIENDS Consult Ltd (FCL) to work with it in refining existing financial products and develop new, tailored solutions using a Human-Centred Design (HCD) approach. The aim is to create simple, sustainable, and scalable financial products that empower SSWEs at the lowest levels of income to thrive.
The Power of Human-Centred Design
Designing financial products using a Human-Centred Design (HCD) approach ensures that the unique needs, behaviours and challenges of the target group(s) are at the core of product development. By engaging SSWEs directly, financial solutions that are created or refined are more accessible, affordable, practical and user-friendly. HCD allows for continuous feedback and iteration, ensuring that products evolve to meet the dynamic realities of the low-income women in business. This approach enhances financial inclusion by making services more relevant and impactful even to those not served by other providers.
Innovative Solutions for Financial Inclusion
FCL is working with BUBL to review BUBL’s products to identify gaps and better serve women entrepreneurs. Key areas of focus include:
- Refining for more suitability and responsiveness.
- Introducing New Offerings that would complement the existing in fully meeting the needs of clients
- Expanding access, in part through leveraging technology and other chann
- Providing Non-Financial Support: Offering financial literacy, market linkages, and climate-smart agriculture training.
Creating Lasting Impact
This initiative is about more than finance, it’s also about economic transformation for the excluded. By addressing financial barriers, BUBL aims to help SSWEs grow their businesses, build resilience, and contribute to economic development.
We are excited to continue this journey with BUBL and we look forward to piloting these innovative solutions. Together, we can drive financial inclusion and unlock the potential of Uganda’s women entrepreneurs.
Amman Nyende
Projects Assistant