Ericsson and MTN have launched a free financial training program aimed at empowering small- and medium-scale women entrepreneurs in Kampala, Uganda. This initiative focuses on promoting financial and gender inclusion to help African women realize their full potential. The three-week program, held at one of the largest markets in the Ugandan capital, is designed to enhance financial literacy among local female traders.
Training Program Highlights
The training program emphasized the benefits of MTN’s mobile financial services platform, MoMo, which is powered by Ericsson Mobile Financial Services. Participants were encouraged to utilize MoMo for their small businesses. The program began with an official opening attended by Sylvia Mulinge, CEO of MTN Uganda, who visited the market and engaged with the women traders. Over the following days, MTN and Ericsson volunteers provided education on various financial topics, including savings, cash flow management, and credit scores. Participants also learned how to use mobile money for transferring, paying, saving, receiving, and borrowing funds to support and grow their businesses.
Success Stories and Competitions
The training featured testimonial sessions that highlighted the success stories of women entrepreneurs who have effectively used MoMo to expand their businesses. On the final day, a competition was held where the top five traders with the highest MoMo transactions for March were awarded prizes to benefit their businesses.
Statements from Executives
Richard Yego, CEO of MTN Mobile Money Uganda Limited, expressed commitment to improving community lives through initiatives like this training program. He praised Ericsson for its crucial role in modernizing mobile money services and bridging the digital gender divide in Uganda. Hossam Kandeel, Vice President and Head of Global Customer Unit MTN at Ericsson Middle East and Africa, highlighted Ericsson’s dedication to advancing digital transformation in Africa. He emphasized the importance of supporting women’s entrepreneurship and underscored Ericsson’s commitment to corporate social responsibility and volunteer work under the #powerofkindness banner.
Addressing Challenges for Ugandan Women Entrepreneurs
According to the Uganda Women Entrepreneurs Association Limited (UWEAL), 44 percent of businesses in Uganda are owned by women. However, a World Bank study indicates that these businesses are generally smaller and less profitable compared to those run by men. Targeted support, such as the financial training provided by Ericsson and MTN, is crucial for enhancing the contribution of Ugandan women entrepreneurs to the national economy.
Long-standing Partnership
Ericsson has had a long-standing partnership with MTN Uganda since the company’s inception as a communication service provider in 1998. In 2014, MTN migrated its mobile money services to Ericsson Mobile Financial Services, which significantly improved the reliability, security, and scalability of its offerings.
