Letshego Uganda nominated for the AFAWA Bank of Year Award in Egypt

The African Banker Awards serve as a platform to celebrate the accomplishments of individuals and banks that are driving the rapid transformation of Africa's financial sector. By acknowledging the achievements of these trailblazers, the awards inspire future generations of bankers who are shaping Africa's economic future.

This year's event places a special emphasis on women's economic empowerment and financial inclusion, recognising their crucial role in achieving the 2030 agenda for Sustainable Development. In partnership with the African Development Bank (AfDB) and the African Guarantee Fund, a new accolade has been established to acknowledge and encourage initiatives focused on promoting financial inclusivity for women across the African continent.

The AfDB's Affirmative Finance Action for Women in Africa (AFAWA) initiative aims to bridge the $42 billion financing gap that women in Africa currently face. By providing financial support and resources, AFAWA empowers women to access the opportunities they need to thrive and contribute to economic growth.

Giles Aijukwe, the CEO of Letshego Uganda, expressed his delight at the nomination and emphasized the institution's commitment to financial literacy. Recognizing the significant impact of financial education, Aijukwe highlighted the fundamental skills that empower individuals to earn, spend, budget, borrow, save, and seize growth opportunities.

Aijukwe further stressed that nearly a billion women worldwide are underserved or unserved by the formal financial sector, hindering their ability to achieve their full economic potential. Highlighting the magnitude of this issue, he noted that if all these women were brought together, they would constitute the world's third-largest country.

Financial institutions, whether mainstream banks or microfinance institutions, possess the power to promote women's empowerment. When women have the ability to save, borrow, and control their finances and assets, it reduces poverty and fosters inclusive growth. Gender equality plays a vital role in determining financial inclusion, as unequal gender roles affect self-determination, dignity, and freedom.

In Uganda, Letshego has prioritised financial inclusion through its group lending products, with women as primary beneficiaries. Additionally, the institution has leveraged digital channels such as USSD (*287#) and the Letshego Digital Mall (accessible through the Omni-functional App or the website www.letsgo.letshego.com) to enhance access to financial services via mobile phones.

Aijukwe commended the nomination as a commendable and timely recognition of Letshego Uganda's efforts. By providing convenient ways for low-income individuals to send money and make payments, Letshego Uganda is contributing to financial inclusion and empowering women across the country.

The African Banker Awards ceremony in Sharm-El-Sheikh will undoubtedly showcase the exceptional achievements of Letshego Uganda and other banking institutions that are propelling Africa's financial sector forward.