NFNV’s “Proper Borrowing” Breakfast Session with Female Traders

On June 18th, a transformative breakfast session on “Proper Borrowing” was held at the Park Royal Hotel, orchestrated by Theopista Sekitto, the Country Director for NFNV. This event, targeted at female traders, emphasized the importance of responsible borrowing and financial management. Sekitto’s insights were not only timely but also crucial in addressing the financial behaviors that often lead to economic strain among women and Ugandans at large.

Theopista Sekitto’s Call for Financial Prudence

Sekitto began by challenging the prevailing social norms around lavish spending, particularly at events like weddings. She used the example of Nelson Mandela’s son’s wedding, which had fewer than 30 guests, to illustrate that significant life events do not necessitate excessive expenditure. “Why spend so much money on weddings?” she questioned. “Who said you must wear that 1.2 million shilling wedding dress? We are overdoing it as Ugandans. Let’s live within our means, women. Do things that add value to you, not those that take away from us.”

Changing Spending Habits for Better Financial Health

Sekitto’s message was clear: prudent financial management should take precedence over societal pressures to display wealth. She urged women to focus on investments that yield long-term benefits rather than succumbing to the urge to impress others with costly purchases.

Misguided Borrowing Practices

Highlighting a common pitfall, Sekitto recounted instances where individuals borrowed money intended for business ventures but instead spent it on depreciating assets like cars. This misallocation of funds often leads to financial difficulties and hinders the growth of businesses. “We need to change some of our spending habits, both as women and as Ugandans. Why would someone borrow money for business and then buy a car? I’ve encountered individuals who borrowed money for business purposes and ended up buying a car instead. Let’s prioritize wise financial decisions!” she urged.

The Path Forward

The session underscored the necessity for financial literacy and the importance of aligning borrowing with productive investments. Sekitto’s practical advice resonated with many attendees, encouraging them to reconsider their financial choices and adopt a more sustainable approach to borrowing and spending.

In conclusion, the NFNV breakfast session was a pivotal moment for female traders, providing them with the knowledge and inspiration to make informed financial decisions. By championing responsible borrowing and prudent spending, Theopista Sekitto is leading a movement towards economic empowerment and financial stability for women in Uganda.