Absa Bank Signs MoU With Enterprise Uganda To Provide Business Dev’t Services & Financial Literacy Training To Over 1000 SMEs In Uganda
Absa Bank Uganda has signed a memorandum of understanding with Enterprise Uganda to provide micro, small, and medium-sized enterprises (MSMEs) with business development services and financial literacy training in nine districts across Uganda.
According to Absa Bank Uganda beginning April, over 1,000 MSMEs from Jinja, Mbale, Lira, Arua, Hoima, Fort Portal, Mbarara, Masaka, and Kampala will benefit from the partnership by boosting their entrepreneurship awareness, company development, and sustainability while spurring economic development.
“We know that businesses face many challenges when it comes to streamlining their business operations to remain profitable in the long term. This partnership is one of the many ways that we are stepping up to be a strong proponent of business growth in Uganda,” Absa Bank Uganda’s Business Banking Director Albert Byaruhanga said during the event.
Rosemary Mutyabule, the Director of Business Advisory at Enterprise Uganda, said, “The challenges facing SMEs and hindering their growth are still very many, and we are always looking for different ways through which we can impact even more SMEs to ensure that they have the tools necessary to become resilient and fulfil their potential to provide sustainable jobs and enhance economic growth. As Enterprise Uganda, we appreciate Absa Uganda for joining hands with us to walk this journey for the good of the country’s SME ecosystem.”
“Absa Bank Uganda takes its roles as a faciliatator of inter-generational wealth creation, as a contributor to national economic development and as a catalyst for sustainable job creation, very seriously. Contributing to and supporting the growth of the business sector is a critical part of Absa Uganda’s commitment to being a dynamic and relevant force for good in the communities in which we operate. Our partnership with Enterprise Uganda is aimed at providing businesses with critical advisory services to upskill them for success.” Mutyabule added.
According to the Uganda Investment Authority, SMEs remain Uganda’s engine of growth, employing over 2.5 million people, accounting for approximately 90% of the entire Private Sector and generating over 80% of manufactured output that contributes 20% of the gross domestic product (GDP).
SMEs are represented across all sectors with 49% in the service sector, 33% in commerce and trade, and 10% in manufacturing and are key drivers in fostering innovation, wealth creation and job creation[i]. However, according to Fundera, 20% of small businesses fail in their first year, 30% in their second year, and 50% after five years in business
About Absa Bank Uganda
Absa Bank is a one-stop bank for all your banking needs ranging from business loans both secured and unsecured, secure online transactions, access to forex and market solutions, and merchant Services among other magnificent services.
Absa Bank Uganda Limited is part of Absa Group Limited, an African financial services group that aims to be the pride of the continent. Absa Group Limited is listed on the JSE in South Africa and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 42, 000 employees.
We’re committed to finding local solutions to uniquely local challenges and everything we do is focused on adding value. To this end, we offer our clients a range of retail, business, corporate and investment, and wealth management solutions. We also ensure a positive impact in all the countries where we operate.
We’re a truly African brand, inspired by the people we serve and determined to always be brave, passionate and ready so that we can make our continent proud.
We believe in creating opportunities for our customers to make their possibilities real and supporting them every step of the way.
Our group is a future-focused organisation, driven by progress and our desire to thrive in the digital age.
About Enterprise Uganda
Enterprise Foundation Limited (EUg) is a public-private institution designed to support the government in realizing its objective of promoting the development of Small and Medium Scale Enterprises (SMEs) to become the main vehicle for expanding production, providing sustainable jobs and enhancing economic growth.
Enterprise Uganda positions itself as a premier institution for the creation of competitive and resilient micro, small and medium enterprises through the provision of business development services.
Enterprise Uganda aims at developing dynamic Ugandan MSMEs through the mass delivery of comprehensive and quality business development services aimed at enhancing their productivity, growth and competitiveness.
