Top 100 Survey 2025: SMEs Urged to Adapt and Grow Amid Tax Shifts

The 2025 edition of the Top 100 Mid-Sized Companies Survey was officially launched Wednesday morning at the Sheraton Kampala Hotel, marking a renewed call to action for the growth and transformation of Uganda’s small and medium enterprises (SMEs).

Equity Bank Uganda, now in its second year as title sponsor, reaffirmed its deepening support for SMEs through financing, capacity building, and tailored business development initiatives.

Delivering the keynote address, Claver Serumaga, the new Executive Director at Equity Bank Uganda, underscored the importance of SMEs in Uganda’s economy, noting they employ over 3 million Ugandans and make up more than 90% of the private sector.

“The Top 100 Survey is not just a recognition platform. It is an opportunity to benchmark, reflect, and retool,” said Serumaga. “We support SMEs not just as a financial partner, but as a growth partner.”

Serumaga also announced the bank’s upcoming SME capacity-building campaign, “Tupange Business Ne Equity”, a series of targeted forums designed to equip business owners with practical tools and shared learning to scale their enterprises.

Through the Africa Recovery and Resilience Plan, Equity Bank has committed USD 65 billion across the continent. In Uganda alone, the bank currently supports over 15,000 SMEs with financing exceeding UGX 500 billion, across sectors like agriculture, manufacturing, education, health, and trade.

“This partnership is more than sponsorship,” said Serumaga. “It’s a statement of intent. Our mission is rooted in transforming lives and enabling wealth creation.”

Understanding Tax Shifts

Susan Nsibirwa, Managing Director of Nation Media Group Uganda, highlighted the growing need for SMEs to understand tax policy and regulatory changes.

“Understanding tax laws isn’t just about compliance – it’s a smart business strategy,” Nsibirwa said. “Forums like today’s provide real conversations and solutions at a time when SMEs are navigating a complex fiscal environment.”

This year’s Top 100 Forum is themed “Driving Inclusive Business Growth: Empowering SMEs Across All Sectors for Economic Transformation.” Nsibirwa praised the Top 100 platform for not only spotlighting SME excellence but also serving as a mentorship and networking hub.

“Every year, we witness powerful stories of small businesses growing into big players,” she said. “This survey shows us what needs to be done to support this segment — from training to financing to policy advocacy.”

Benson Mwesigwa, Associate Director at KPMG Uganda, explained the broader vision of the survey, which spans over 24 countries and serves as a launchpad for SMEs to access technical support, visibility, and investment opportunities.

“We created this platform to give SMEs a voice and recognise their contribution to national development,” he said. “It’s about unlocking growth by giving them access to knowledge, capital, and partnerships.”

Other key stakeholders in the initiative include Huawei, Uganda Securities Exchange, and Uganda Investment Authority, all working collaboratively to strengthen Uganda’s SME ecosystem.

The survey culminates in the Top 100 Gala Dinner, set for October 2025, where outstanding SMEs will be recognised and celebrated. In the lead-up to the gala, Equity Bank and partners will host multiple forums across the country to engage with SME leaders directly.

Olivia Mugaba, Head of SMEs at Equity Bank Uganda, encouraged businesses to actively participate in this year’s programmes: “SMEs are the heart of our economy. This initiative is about giving them the tools, visibility, and support they need to scale.”

With just nine days into the new financial year, stakeholders agreed that the timing of the forum is critical as businesses grapple with new tax laws and economic uncertainties. Yet, the tone remained optimistic, with a shared belief that collaboration and innovation will drive the next phase of SME transformation in Uganda.