USAID Uganda Mission Director Daniele Nyirandutiye has expressed her concern over the persistent biases that women face in accessing credit, even when resources are available, saying that lenders frequently hesitate to trust female entrepreneurs, often dismissing their loan applications without genuine consideration.

“Women entrepreneurs shouldn’t have to face this kind of bias in the marketplace,” she asserted, calling for a fairer, more inclusive lending environment.

She said this during the second Women Economic Empowerment Initiative (WEEI) Forum, organized by the Uganda Bankers Association (UBA) under the theme “Accelerating Female Leadership for Gender Inclusive Financial Services.” She emphasized the need for structural changes to level the financial playing field, making it easier for women to contribute fully to Uganda’s economy.

In Uganda, about 70% of the money lent by microfinance institutions in 2023 went to women entrepreneurs, reflecting both the high demand for credit among women and the unique challenges they face in accessing it.

Sanne Williams, Team Leader for Green Transition and Private Sector at the European Union Delegation, presented data from regulatory bodies showing that while this access has been beneficial, it has also increased the cost of doing business for many women.

Williams explained that complex land tenure systems and a lack of collateral continue to restrict women from obtaining formal credit from commercial banks, further widening the financial gap. She called for a comprehensive review of policies to address these ongoing challenges.

In addition to finance access, Williams expressed concerns about pay disparities, noting that women are often paid less than men for similar roles — a longstanding global issue. While she commended gender quotas in representation, she advocated for merit-based appointments to ensure that skills and abilities are fully recognized.

Anne Juuko, Regional Head of Global Markets for an Eastern Africa banking group, voiced concern about a possible regression in gender parity as the business environment evolves. Juuko stressed the importance of closing the skills gap between men and women in areas such as ESG and IT to ensure women are not left behind in sectors undergoing rapid technological and regulatory change.

The WEEI initiative, launched in 2023 as part of UBA’s ESG strategy, aims to address these gaps. It supports women’s professional growth in banking and finance by facilitating networking, advocating for gender-inclusive policies, and fostering research on women-focused financial services.

UBA Chairperson Sarah Arapta explained that the initiative was developed to tackle the stagnation of women in financial leadership roles, which was evident despite the push for gender parity.

Meanwhile, Nkosilathi Moyo, CEO of BRAC Uganda Bank, pointed to an internal cultural issue, suggesting that some senior female leaders inadvertently hinder the advancement of other women. According to Moyo, certain women in top positions may block opportunities for junior women, which he believes impedes overall progress toward gender equity.