Africa-Press – Uganda. The Uganda Bankers Association (UBA) has said the Women’s Economic Empowerment Forum (WEEF), a dedicated program aimed at tackling the multifaceted challenges that impede the advancement of women in the financial sector will help turn women in entrepreneurs.
Women make up 50% of the global population, 40% of the global workforce, yet only own about 1 % of the world’s wealth.
In Uganda, they make up 52.5% of the labour force yet their unemployment level is higher both in educated and less educated categories.
The growth in the number of women owned businesses has outpaced that of male-owned businesses by 1.5 times (236% compared to 153 %.).
For the professional women in banking and Finance, they are underrepresented at all levels of the global financial system, from depositors and borrowers to bank board members and regulators.
One possible solution ,according to the association,is the need to attract and empower more women in banking and finance.
The banking sector in Uganda employs more females than males with 52% or 9,984 employees out of the total tally of 19,362 employees of financial institutions under the UBA umbrella being female compared to 48% or 9,378 who are male.
The percentage make up however start to shift as the level of seniority increases as per table below with middle management nearly split equally then lowering to 34% or 103 ladies at the executive level compared to 66% or 197 male at the executive level.
24% or 16 ladies are at the level of Chief Executive Officer (CEO) or Executive Director compared to 76% or 50 males being at CEO or Executive Director level,according to the association.
Currently there are 8 lady CEOs heading financial institutions out of the 36 financial institutions under the UBA umbrella.
WEE Initiative will serve as a focal point to address the myriad of issues that hinder the progress of women in the banking/financial sector professional setting and ultimately
WEE is a UBA pioneer social impact initiative that will contribute to the Sustainable Development Goal (SDG) 5; achieve gender equality and empower all women and girls.
This program aims to create an enabling environment that promotes the growth of professional women in banking and finance and ultimately women entrepreneurs, ensuring their participation in equal opportunities within the economy.
Through this initiative, Uganda Bankers’ Association in collaboration with Bank of Uganda, member financial institutions and other relevant stakeholders seek to create an enabling environment within the banking and financial services industry for promoting the growth of not only professional women in banking & finance, but also the wider base of women entrepreneurs and girls yearning for equal opportunity and participation in economic activity by leveraging their talents.
The forum will be an annual UBA event that aims to take stock of and gain insights on specific trends in women economic empowerment and sharing of experiences to shape interventions and strategies in the banking and financial services industry focused on breaking barriers constraining access to finance for women and professional development for young women and girls so as to enable them reach and harness their full potential.
The forum will specifically focus on; creating a formal arena for women in banking /finance supported by the wider fraternity of women to network, collaborate and share ideas about progressing collective opportunities available in the local and global marketplace,capacity building to assist the women in banking and finance in shaping the interventions, directions and decision making in the financial services industry to channel resources to support women economic empowerment initiatives.
Advocating for an increase in women’s access to tailored financial products and services and market information including through the use and leveraging of technology will also be a focus.
“Through an aggregated lens, support financial inclusion and ensure UBA member financial institutions contribute a lot more to women and girl economic empowerment,”said the association in a statement.
The audience of this premier event will be made up of the women in middle and senior management within the banking and financial services sector, as well as women from the non-bank sector, including domestic and international development partners/agencies who share this vision.
The forum will comprise a keynote address which will be followed by one panel session that will be provide an opportunity for select female leaders to share their views and experiences.
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