KCB Bank Uganda has officially joined the Women Entrepreneurs Finance Code, a national initiative aimed at reducing gender disparities in access to funding for businesses run by women.
KCB Bank Uganda is a wholly owned subsidiary of the KCB Group, a large East African financial services organization headquartered in Nairobi, Kenya. The bank started operations in Uganda in 2007 and is a commercial bank licensed by the Bank of Uganda. It offers a wide range of retail and corporate banking services, with a strong focus on digital banking through mobile and internet platforms
The bank’s participation comes after an invitation from a national coalition that includes the Ministry of Finance, Planning and Economic Development, the Ministry of Gender, Labor and Social Development, the Bank of Uganda, Private Sector Foundation Uganda and the World Bank. KCB Bank Uganda submitted its commitment letter after a comprehensive review.
The WE Finance Code unites regulators, financial institutions, development partners and private-sector entities to expand opportunities for women entrepreneurs. Studies by UN Women in 2020 indicated that women-owned businesses account for about 30% of all enterprises in Uganda and often face obstacles such as limited collateral and constrained access to credit.
During the official launch at Serena Hotel, Miranda Bageine Musoke, head of retail banking at KCB Bank Uganda, stressed the bank’s commitment to providing inclusive financial solutions tailored for women-owned businesses.
“Women entrepreneurs contribute substantially to Uganda’s economic growth, yet many continue to struggle with accessing the financing necessary to realize their full potential,” Musoke said. “By signing the WE Finance Code, we affirm our dedication to creating products and partnerships that will empower women to succeed.”
Challenges for women-owned enterprises remain substantial. According to a 2020 report by the International Finance Corp., only 7% of women entrepreneurs in Uganda are able to access formal finance channels.
Through its commitment to the code, KCB Bank Uganda will actively support the national goal of improving financial inclusion and fostering growth for businesses led by women. The bank stated it will use its regional experience, digital capabilities and enterprise development programs to support women across various sectors.