Annette Kiconco, Chief Retail banking Officer, dfcu bank, speaking at the eventdfcu Bank is shifting its focus from simply extending credit to women entrepreneurs to helping them build sustainable businesses, as evidence from its GROW programme points to the need for skills, business systems and market opportunities alongside financing.The bank has so far disbursed Shs24.2 billion to 496 women-owned businesses under the GROW project, recording a 98% recovery rate.GROW is a government initiative supported by the World Bank to address barriers limiting women’s participation and growth in business.The figures were disclosed on Sept. 3 during a dfcu Women Borrowers Engagement held at Hotel Africana in Kampala, where more than 300 participants gathered to discuss how women entrepreneurs can turn access to finance into sustainable enterprises.Annet Kiconco, Chief Retail Banking Officer at dfcu Bank, said the experience of financing women entrepreneurs shows that access to capital, although important, is not sufficient to guarantee business growth.“Having a good business idea is only the beginning,” Kiconco said, adding that women entrepreneurs also require financial discipline, proper record keeping, strong business systems, market access, mentorship, technical skills and the ability to manage risks.The emphasis reflects a broader question facing Uganda’s efforts to expand women’s access to finance: whether loans alone can generate lasting economic transformation or whether borrowers need a wider ecosystem of support to improve productivity, create jobs and build enterprises that can survive beyond individual financing cycles.Financing womenOf the 496 businesses financed by dfcu, 330 in trade and business services received Shs16.1 billion, 127 in agriculture received Shs4.6 billion, while enterprises in manufacturing, education and specialised services received about Shs3 billion.The distribution highlights the diverse role women play across Uganda’s economy.Kiconco said dfcu’s focus is shifting towards understanding what happens after a loan is disbursed.“For dfcu, the question is not simply how much finance we provide. The important question is how we ensure that the financing creates sustainable value for the entrepreneur, their business and the wider economy,” Kiconco said.The GROW project runs until December 2027. As at June 30, 2026, data from the Ministry of Gender, Labour and Social Development, Ministry of Finance and Private Sector Foundation Uganda showed Shs161 billion had been disbursed through dfcu and other participating banks, supporting about 10,000 loans with an average size of Shs10.3 million and a 90% recovery rate.Beyond the loanWorld Bank Senior Social Development Specialist Serena Cavicchi said the GROW programme needs to look beyond the loan numbers when assessing its impact.“The idea today is to listen and understand what happens when you get a loan. Is it enough when you get a loan? What happens even after you get a loan?” Cavicchi said.She said success will increasingly be measured by job creation, formalisation, access to international markets, productivity and acquisition of machinery.Kiconco said dfcu has started combining financing with business development support. So far, 215 women beneficiaries have completed specialised business management training in Arua, Jinja and Kampala.The bank also uses its Women in Business advisory platform to provide mentorship, networking and enterprise development. This builds on dfcu’s Women in Business programme established in 2007, which has supported over 80,000 women.GROW clients speak outFor some beneficiaries, the impact of GROW financing is already visible.Brenda Ssekabembe, who runs a bakery business in Kampala, said she obtained a GROW loan two years ago when she was constructing a three-storey building for her business.The loan enabled her to buy a generator and machinery and increase production, employing eight additional women.She is now planning to expand the bakery business to other parts of Uganda.Izabella Turyagenda, who imports and distributes Robertson wines, said a second loan enabled diversification into juice distribution, creating six additional jobs in the past year.Ruth Nakanwagi, a produce trader who imports rice from Tanzania, said she learnt about GROW through dfcu and has since obtained two loans from the bank’s Natete branch. She said the financing has helped her expand her store and strengthen relationships with suppliers.Patience Nyangoma said the programme helped her overcome fear of borrowing. After learning about GROW through TikTok, she approached dfcu’s Ntinda branch, got her first loan and invested in a washing bay in Kyanja and now employs between 20 and 50 people.Building resilienceThe beneficiaries’ experiences illustrate why the next phase of Uganda’s women financing agenda may need to place greater emphasis on productivity, technology, diversification and financial management.Participants at the dfcu engagement were encouraged to invest in skills, diversify income sources, adopt efficient business practices, embrace technology and manage finances carefully.Participants were urged to invest in skills, diversify income, embrace technology and separate personal and business finances.Kiconco urged borrowers to maintain proper records, monitor cash flows and engage banks early when facing difficulties.John Ssengendo, the Project Coordinator who represented the Minister of State for Gender, Labour and Social Development (Gender and Culture) said the programme should be judged by its ability to build sustainable enterprises.With women accounting for more than 53% of Uganda’s population and about 45% engaged in business, Ssengendo said government remains committed to supporting entrepreneurship and business growth.For dfcu, the challenge is to convert its growing portfolio of women borrowers into productive, formal and resilient enterprises before GROW ends in 2027. 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