What you need to know:
- Mr Rashid Musisi, a banker at the centenary bank during the recent training sessions at Hotel African said that many businesses do not celebrate their fifth birthday because their systems are weak.
Realising the financial management gap between men and women, several NGOs and financial institutions have decided to empower women in Small and Medium Enterprises SMEs) through financial management training.
Mr Rashid Musisi, a banker at the centenary bank during the recent training sessions at Hotel African said that many businesses do not celebrate their fifth birthday because their systems are weak.
“Because of systems, my sisters require alternative financing to survive in their small businesses. And when you run your businesses efficiently, you are going to minimize costs associated with the business,” he said in the training under the theme; ‘Connecting, supporting and Empowering African Women in Agribusiness’, where about 60 women were equipped with skills to properly manage their finances.
The training was inspired by the fact that women still lag behind as men dominate the top offices since many firms still believe that women cannot manage their businesses and always need help. In most cases they are not aware of the systems to use in their business and in the long run, these businesses collapse.
“Women have a lot of responsibilities and tasks to deliver as wives, sisters and as females. With all these burdens at hand, sometimes they do not have the time to look at a system that will enable their business to stay strong even in their absence,” Mr Musisi added.
“There is nothing taking you to the banks for loans yet you are failing to take care of the hygiene factors in your businesses, to control losses, and control the amount of money you spend,” he said.
Ms Martha Wandera Nalubega, a trainee, asked the banks to have fair policies for women.
“I have been working with banks and they have done a lot in supporting us but I feel like there is still a lot more that banks can do to empower women in business. Looking at the interest rates, sometimes they are too high for us considering the small businesses we own,” she said.
Ms Nalubega also asked that banks should be lenient in the collateral they ask from women, saying not many of them own a lot of property.