SMEs Equipped with Financial Management Skills to Drive Growth

The Industry Enhancement Centre (IEC) recently held a three-day seminar dubbed “Access to Finance Training,” in Kampala, aimed at empowering Small and Medium-sized Enterprises (SMEs) with the tools needed to grow and thrive. 

The training brought together SME stakeholders from diverse sectors for intensive sessions focused on enhancing their knowledge in financial management and strengthening their capacity to manage business finances effectively.

Stella Akol, Head of SME Banking at I&M Bank, emphasized the importance of financial literacy for SMEs, urging them to prioritize sound practices that position them for sustainable growth and easier access to capital. 

“SMEs need to understand the basics of financial management, including managing cash flow, separating business and personal finances, and knowing how to access affordable credit,” she said.

I&M Bank provided on-site financial advisory support, offering entrepreneurs one-on-one consultations to assess their credit readiness, explore financing options, and learn how to leverage the bank’s SME products and digital banking tools. 

Annette Nakiyaga, Head of Marketing and Corporate Communications at I&M Bank, reaffirmed the bank’s commitment to supporting SMEs, stating, “We understand that SMEs are the backbone of Uganda’s economy. That’s why we go beyond banking to offer the support, guidance, and tools they need to thrive.”

Terry Kinyua, Project Manager at IEC, highlighted the importance of practical knowledge in business success, saying, “By working with partners like I&M Bank, we are able to provide SMEs with actionable skills and financial insights that help them make better business decisions. Our mission is to empower them to grow sustainably and competitively.”

The training is part of IEC’s efforts to equip SMEs with the skills and knowledge needed to succeed in today’s competitive business environment.