Sarah Arapta, CEO of Citi Bank Speaking at the recent Women’s Economic Empowerment Forum (#WEEForum2024) in Kampala
Women constitute over half of Uganda’s population and represent a powerful, yet underutilized economic force. With more than 18.2 million young women under 35, the potential for transformative change is immense. Yet, significant barriers persist, limiting women’s access to education, digital literacy, and, crucially, financial independence. Speaking at the recent Women’s Economic Empowerment Forum (#WEEForum2024) in Kampala, Sarah Arapta, CEO of Citi Bank, shed light on these pressing issues.
Despite women making up 52% of the banking workforce, they remain underrepresented in leadership, holding only 24% of CEO roles and 31% of executive committee seats. Even more telling is the disparity in credit access, with only 24.4% of loans directed to women-led businesses—a gap that highlights systemic barriers stifling women’s economic potential.
“Overcoming these barriers,” Arapta emphasizes, “is essential not only to expand opportunities for women but also to drive our nation’s development goals.” She notes that an inclusive banking sector can be a catalyst for gender equity, poverty reduction, and sustainable growth.
As financial institutions move toward more inclusive policies, Arapta advocates a clear call to action: a concerted effort to empower women across the financial landscape, transforming potential into prosperity for Uganda’s economic future.
Stanbic for Her: Empowering Uganda’s Women Entrepreneurs
In a bid to empower women entrepreneurs, Stanbic Bank launched Stanbic for Her, a program dedicated to enhancing financial inclusivity and supporting women’s well-being across Uganda. Supported by the International Finance Corporation (IFC), the initiative aims to broaden women’s access to financial services, offering loans with low, fixed rates of 15.5% and targeted capacity-building programs.
Former Stanbic Bank CEO Anne Juuko highlighted that Stanbic for Her prioritizes vulnerable groups, including widows, single mothers, disabled women, street vendors, and start-ups. “In 2022 alone, over 11,000 women-led businesses opened accounts with Stanbic Bank, and more than 1,800 accessed affordable credit under this program, totaling over Shs30 billion in loans,” Juuko shared.
“In this initiative, we proudly favor women in business,” Juuko asserted. “We provide training, resources, and market access, alongside reduced fees for financial services—bringing every woman a step closer to her dreams.”