300 SMEs in Western Uganda Receive Financial Literacy Training

A total of 300 SMEs in Masaka, Mbarara, and Fort Portal have received training in entrepreneurship and financial literacy from Absa Bank Uganda, in partnership with Enterprise Uganda.

The training programme saw the SMEs taken through modules such as business leadership and corporate governance, people and human resource management, customer care, and financial management.

They were also taken through an exploration of various sources of capital, case studies from other SMEs, and personal exercises.

While speaking during the training conducted at the Mountains of the Moon Hotel in Fort Portal, Albert Byaruhanga – Absa Bank Uganda’s Business Banking Director said, “Small businesses all over the country face similar hindrances to their growth and expansion; however, those outside the capital city usually receive less attention with regard to the critical business development support that they need to thrive. This is why we are so pleased to have had this opportunity to engage and train with this important community of entrepreneurs. We have an obligation to ensure that we try to get out of Kampala to impact even more SMEs nationwide. This is one of the ways that Absa Uganda is delivering on its promise to empower Africa one story, one person at a time.”

The training in Fort Portal is part of a more extensive partnership between Absa and Enterprise Uganda that began on 3 April 2023 to empower over 1,000 MSMEs from Jinja; Mbale; Lira; Gulu; Arua; Hoima; Fort Portal; Mbarara; Masaka, and Kampala to boost their entrepreneurship awareness, business growth, and sustainability.

So far, over 530 SMEs have benefitted from the training under the program, with the Arua, Hoima, and Kampala training sessions coming in the following months.

Ronald Mukasa, the Director of Research and Learning at Enterprise Uganda, said, “The specific modules we chose – such as those regarding people management and governance – are relevant to most of the SMEs upcountry, most of which are run informally. 

We believe that with more training programs like this, we shall help bolster the country’s SME sector towards the nation’s positive socioeconomic transformation.”

Absa’s Byaruhanga added, “Many cities outside Kampala are experiencing a high growth rate. Fort Portal, for example, is a major tourism hub primed to grow as part of the Rwenzori region’s projected oil sector development. As a result, the SMEs in this region need to be prepared to tap into and benefit from those opportunities. Our ability to facilitate this growth speaks to our commitment to empowering Africa’s tomorrow together, one story at a time.”