TECHNICAL ASSISTANCE BOOSTING GENDER & GREEN FINANCE
National context
Gender-inclusive finance is essential for Uganda’s development, with men (84%) more financially included than women (79%) per the Finscope Uganda Report 2023. Challenges to women include low affordability, relevance, and awareness. The Government, through the Ministry of Gender, Labour and Social Development, has launched women-centric programs to boost economic participation, employment, and livelihoods – but these need purposeful private sector financing to scale up. Financial inclusion empowers marginalized groups like women, youth, and refugees, fostering stability, resilience, and growth for women-led SMEs (WSMEs), aligning with SDGs 1, 2, 5, and 8.
Boost from development partner collaboration
One of Uganda’s top banks (name withheld for confidentiality) has a keen focus on gender- inclusive finance. It integrates internationally recognized 2X gender criteria in governance, products, and employment. The Africa Guarantee Fund (AGF) contracted FRIENDS Consult Ltd to assess bank’s lending strategy and practices in financing women owned/ controlled SMEs – strengths, improvements, its 2X integration, gaps, and capacity needs, and to similarly assess the bank’s green finance offering.
Emerging advantages
Key gaps were identified, and practical solutions recommended (appreciated by the bank and being implemented). Implementation of the recommendations, both on gender and green finance aspects, should see the bank become even more gender-focused and green in its offerings.
FCL commitment
FRIENDS Consult is committed to working with financial institutions, agribusiness concerns, development partners and any other stakeholders to help financial services become more gender-intentional and green.
Dr. Keren Obara.
Digital Marketing Associate.