Cooperative bank launches program to boost women’s financial access

JUBA – The Cooperative Bank South Sudan on Friday launched the “Mara Muhtaram Women’s Account” initiative to improve financial services access for women entrepreneurs.

“As Cooperative Bank, we are rolling out a product with special features to support and empower women, come to bank, open a special account and it will become a bridge through which you will be able to access financing,” said John Murugu, Chairman of Cooperative Bank Group, during International Women’s Day celebrations in Juba.

The bank seeks to support women running businesses of all sizes in South Sudan with gender-responsive financing, Murugu added.

He expressed a goal of women eventually opening 50% of the bank’s accounts. “We believe in the empowerment of our girls, we believe in the empowerment of women in business,” said Murugu.

Akuja Mading De Garang, Team Leader for Girl Education in South Sudan (GESS), emphasized the importance of financial inclusion in women’s lives.

“When women have access to finance it will enable them to save, invest and access credit which they can use to start their business and that will improve their livelihoods not only for their families but also their communities and the country as a whole,” said Garang.

Jemma Nunu Kumba, Speaker of the Transitional National Legislative Assembly, noted women’s limited access to business financing. She stated that the Mara Muhtaram initiative would enhance women’s financial independence.

Josephine Lagu, National Minister of Agriculture and Food Security, highlighted progress in advancing women in political and public spheres under the 2018 revitalized peace agreement.

“The revitalized peace agreement in recognition of the disadvantaged position of women in the society and in the country opted for 35 percent affirmative action to enable women to get into political and public arena,” said Lagu.

International Women’s Day was celebrated under the theme “Invest in women, accelerate progress”.