Centenary Bank is being hailed as the top-performing partner in the Generating Growth Opportunities and Productivity for Women Enterprises (GROW) project, a high-impact initiative aimed at empowering women entrepreneurs and underserved communities.
During a high-level review meeting held on Thursday, September 18, 2025, between Centenary Bank and officials from the World Bank, the bank announced that it had disbursed 1,097 loans worth a combined Shs 24.7 billion, achieving a remarkable 92% recovery rate.
The meeting, hosted by Centenary Bank’s Executive Director, Joseph Balikuddembe, brought together leaders from the World Bank, led by the Task Team Leader Mr. Aun Ali Rahman, and the Private Sector Foundation Uganda (PSFU), led by Dr. Ruth Aisha Kasolo, the Grow Project Coordinator in Uganda, to assess the project’s progress.
The PSFU commended Centenary Bank’s exceptional performance, highlighting its effectiveness in driving economic empowerment at the grassroots level.
Overcoming Challenges with Innovative Solutions
The success of the GROW project is not without its challenges, which were a key focus of the discussion. The teams addressed persistent issues such as limited access to collateral for women and common misconceptions about how to access project funds.
In response, Balikuddembe revealed that “Centenary Bank is demonstrating a commitment to innovative, inclusive solutions.”
He showcased the Bank’s collateral-free ‘Supawoman’ product, which he said “…provides a crucial financial lifeline to women who would otherwise be locked out of traditional lending.”
Furthermore, Balikuddembe shared lessons on how Centenary Bank is strengthening its credit risk framework with critical social safeguards, including measures against child labour, Gender-Based Violence (GBV), and environmental risks. This commitment, he noted, ensures that economic growth is both sustainable and equitable.
Charting a Path to Deeper Impact
The meeting also looked to the future, with Mr. Rahman and Dr. Kasolo leading discussions on enhancing the project’s delivery and impact.
A key point of deliberation was the need for more affordable, patient capital to empower entrepreneurs and drive long-term, sustainable growth.
The collaboration between Centenary Bank, the World Bank, and PSFU serves as a powerful model of public-private partnership.
By combining financial expertise with a shared development mission, the partners are not only providing much-needed capital but also building a resilient and empowered community of women entrepreneurs who will play a vital role in shaping Uganda’s economic future.
About the GROW Project
The GROW project is a five-year initiative in Uganda aimed at empowering women entrepreneurs, including those in refugee settlements and host communities. Funded by a US$217 million loan from the World Bank, its main objective is to provide female-owned businesses with entrepreneurial services and financial support to help them grow and succeed.
The project is implemented by the Ministry of Gender, Labour and Social Development (MoGLSD) through the Private Sector Foundation (PSFU).
It’s designed to provide financial services to over 60,000 female-owned enterprises, including 3,000 refugee-owned businesses, and benefit an additional 280,000 women entrepreneurs and employees. The initiative also has a broader goal of reaching 1.6 million indirect beneficiaries.
However, the project has faced significant challenges with fund disbursement and utilisation, with the low absorption of funds being attributed to delays in developing training manuals, bureaucracy, recruiting staff, and sensitising beneficiaries.