The GROW Project Uganda achieved a landmark victory for gender equality and economic transformation with the launch of the Women Entrepreneurs Finance (We-Fi) Code at a function held in Kampala on Wednesday, 19, 2025.
This pioneering initiative, supported by the World Bank and the Private Sector Foundation Uganda (PSFU), is a direct, data-driven attack on the persistent financial barriers that limit the potential and impact of Ugandan women entrepreneurs.
The We-Fi Code introduces a mandatory data framework that will revolutionise how financial institutions (FSPs) track, analyse, and act on lending to women-led enterprises, transforming the lives of millions.
“Women entrepreneurs in Uganda face major financing hurdles that limit their potential. The WEFi initiative offers a practical solution, Mr. Alex Asiimwe, Commissioner, Labour, Industrialisation and Productivity said, adding, “Women entrepreneurs in Uganda face major financing hurdles that limit their potential. The WEFi initiative offers a practical solution.”
The Great Contradiction of Ability vs. Access
The launch directly addresses a glaring contradiction in the Sub-Saharan African economic landscape:
Speaking at the launch, Richard Byarugaba, Executive Director, Finance, Bank of Uganda, said, “In Sub-Saharan Africa, women start more businesses than men, yet earn only two-thirds of what men do. This gap is due to gender-specific barriers, not ability.”
He noted that while Uganda boasts an impressive 81% financial inclusion rate with a minimal 2 percentage point gender gap, IFC data shows that women-owned SMEs still face a significant financing gap globally.
This, according to Byarugaba, is where the true loss of potential lies; in the inability of women to access the targeted, affordable, and sustainable capital required to scale from micro to medium enterprises.
“Today’s launch is a key step toward that vision,” stated Mr. Stephen Asiimwe, Executive Director of PSFU, emphasising that Uganda needs “strong, deliberate instruments to ensure financial resources reach and transform lives.”
Closing the Information Gap
According to Dr. Aisha Ruth Kasolo, the GROW Project Coordinator, the core impact of the We-Fi Code lies in its commitment to transparency and evidence-based policy through:
Sex-Disaggregated Data
The Code is a global framework that requires Full Service Providers (FSPs), regulators, policymakers, and development partners to collect, analyse, and act on sex-disaggregated data.
Targeted Finance
By improving supply-side data, the Code enables better, more targeted, and sustainable financing for women-led enterprises to grow. It moves the conversation beyond mere access toward the quality and size of loans needed for business expansion.
Global Alignment
As Dr. Francisca Ayodeji (Ayo), World Bank Uganda Country Manager, noted, this initiative reflects an “unwavering commitment to advancing women’s economic empowerment,” which is a core pillar of sustainable development globally.
Call for Collective Action
The initiative is built on the understanding that closing the gender financing gap requires a sector-wide commitment.
Mr. Byarugaba highlighted that the Code calls on all stakeholders to be gender-sensitive in financial decisions.
He noted that the benefits extend far beyond the women entrepreneurs themselves as follows:
Household Resilience: Closing the financing gap strengthens households, as evidence shows women reinvest a higher proportion of earnings into their families, boosting education and health outcomes.
Accelerated SME Growth: Empowering women accelerates Small and Medium Enterprises (SME) growth, which is identified as a key engine of economic transformation for the entire nation.
The launch, driven by the efforts of the PSFU team, the GROW Project team led by Dr. Ruth Aisha Kasolo, the World Bank led by Ms. Serena Cavicchi, Stanbic Bank team led by Ms. Sarah Lubega Nansikombi, the Manager Women Banking, and funding from the Argidius Foundation for Phase I, marks a pivotal moment. The WE-Fi Code transforms inclusion from a mere aspiration into a practical, data-driven reality for Ugandan women.