Uganda’s First Lady and Education Minister Janet Kataaha Museveni has officially launched the Equi-Mama product and opened the Ntungamo branch of the financial institution.
Present at the exciting launch were top Equity Bank officials led by Managing Director Anthony Kituuka.
In his remarks, MD Kituuka said he was proud of the “significant steps” Equity Bank has taken to support and empower women to achieve their financial goals.
He added that the launch of the Equi-Mama product, which has been specially designed for women, was testament to the bank’s commitment to women empowerment.
Tailored to address the unique needs of women at micro level, the Equi-Mama product also comes with an insurance cover attached to it.
“Equi-Mama offers insurance for maternity, life, catastrophe, fire, and temporary or permanent disability. During maternity, the bank gives the female customer maternity support which also includes antenatal insurance,” explained MD Kituuka.
He further noted that the financial institution has put in place measures to ensure that the product is accessible to women of all backgrounds and income levels.
Equi-Mama comes with flexible payment options and no application fees will be charged. According to Kituuka, this is meant to make it easier for women to access the services.
On her part, First Lady Mrs Museveni revealed that when she met Dr James Mwangi, the group CEO of Equity Bank, in December 2021, she made two requests to him and his team.
She was pleased to note that her requests have been honored with the launch of the Equi-Mama Product and the Equity Bank branch in Ntungamo.
Emphasizing that the Equi-Mama product was specifically designed to meet the needs of small-scale women and youth entrepreneurs, Mrs Museveni also saluted Equity Bank for working towards the financial inclusion of women and youth, and for staying true to its founding principles.
“I am grateful to Equity Bank for extending its banking services to Ntungamo District and for considering women and the youth, who have long faced difficulties in obtaining loan facilities. As you know, empowering women and youth in Uganda has been dear to my heart, and this new Equi-Mama product contributes to achieving this goal. Women and the youth play an important role in society, however, they rarely have access to credit facilities,” she said.
“I therefore commend the Board and Management of Equity Bank for this innovative Equi-Mama product. This and other programs that Banks like Equity Bank have, play a complementary role to the government’s efforts to increase financial inclusion as well as improving household incomes.”
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