Finance Illiteracy, Poor Planning Affecting Women in Business

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Financial illiteracy and poor planning have been seen as the major factors that are negatively affecting women in business in Uganda.

These factors have either led to many women dropping out of businesses or incurring heavy debts for failure to follow the financial rules in their businesses.

Fatumah Ahmed, the regional manager Equity bank says that most women find difficulties in proper budgeting which has ended up affecting their businesses.

The workshop which was organized for women in business under the Abakyaala kuntiko campaign sought to address challenges women in businesses face and how they can overcome them.

Irene Mugisa Linda, the Fort Portal woman member of parliament says unhealthy competition among women in business is also affecting them.

She added that most women in business normally rush to get loans from banks without planning and eventually lose their properties.

According to the 2019 Mastercard Index of Women Entrepreneurs, Uganda leads Africa in countries that have a high number of women owned enterprises as a percentage of total business owners despite poor entrepreneurship supporting factors.

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