Equity Bank urges women to embrace financial literacy as it celebrates exemplary savers in Lira

March 26, 2025 in Business, Companies, Financial Services by Editor

Nora Omara is passionate about her occupation and hungers for growth. A seamstress who also runs a small business, she can be considered moderately successful by peers in her community. Yet as she registered to join other women for Equity Bank’s Abakyala ku Ntikko financial empowerment session for women in Lira on March 25, her expectations mirrored her pain points.

Managing her income to meet daily needs and saving for growth seem remote and irreconcilable goals.

“I hope I will come out better equipped with knowledge about budgeting and saving,” says Nora who like many microbusiness owners, struggles to keep her business afloat; while also making sure it supports her day-to-day needs.

Equity bank which launched the second edition of its Abakyala ku Ntikko Women Empowerment Initiative earlier this month, extended the rollout to Lira this week, taking local women through practical lessons in financial management, smart saving strategies and financial products that the lender has tailored for women-led enterprises.

Nora learnt that by getting a grip on her money through budgeting, saving and financial planning, she can stabilise her cashflows and get access to affordable financing to scaleup and expand her business.

Sessions facilitated by experts also introduced them to risk mitigation through a variety of insurance products that cover both their children’s futures and businesses. Education and health insurance can guarantee continuity in key aspects their children’s lives such as education and health while entrepreneurs’ insurance can secure businesses against unexpected risks. Plans that can future-proof both family welfare and enterprise growth exist, participants were told.

Abakyala Ku Ntikko, is Equity Bank’s transformative initiative that was conceived to empower women through comprehensive financial education; create wealth by providing access to tailored financial solutions and transform lives with sustainable business growth opportunities.

Tony Obonyo, the Manager Micro Banking Division at Equity Bank’s Lira branch, spoke at length about financial products that have been designed specifically for women entrepreneurs. The Equi-Mama Loan is available to women aged 18-45 years and only requires a National ID to facilitate the application. The loan offers special terms that are designed only for female entrepreneurs.

Group Investment Opportunities support collective savings and loan programs, have peer-supported financial growth models and community-based wealth creation.

On the other hand, Equi-Green Financing, supports environmentally-friendly business initiatives, funds green businesses and offers Special terms for sustainable enterprises.

“Start small, but start today, track every shilling to maximize profits, borrow wisely for growth, not consumption and make your money work for you,” advised Esther Otim, Equity Bank’s financial empowerment expert, in her session on building money management skills for business and personal success.

Emmanuel Nduga, the Bancassurance Officer for Equity Bank’s Greater North Region, highlighted the importance of Equi-Life insurance. Equi-Life provides families and entrepreneurs with life insurance to secure dependants’ futures, financial security against unforeseen circumstances and peace of mind from the knowledge that one’s business and family are protected from adverse events.

Peter Ssemakulu, Equity’s Regional Manager for Greater North, thanked the women for turning up in huge numbers and encouraged them to embrace the bank’s products.

“To every phenomenal woman here today – thank you for choosing Equity Bank as your financial partner. Your trust in us is not taken for granted, and your invaluable contributions to Uganda’s economic growth are truly commendable,” he said adding:

“We are fully dedicated to empowering women – not just with financial solutions, but with the tools and knowledge to transform lives. Let us join hands as partners in this crucial mission – together, we can and will chase poverty out of our homes and communities.”

The session in Lira climaxed with women winning trophies compliance with loan terms, savings and peer mobilisation.

Caroline Adong was named as the best mobiliser while Obedo Juliet and Abeja Eunice were recognised as top saver and most compliant customer respectively.