Stanbic Bank has today awarded graduation certificates to 420 entrepreneurs from 119 Small and Medium Enterprises (SMEs) through its business incubator.
This is the second cohort to graduate since the incubator was launched earlier this year. Cohort one saw 94 entrepreneurs from 34 businesses graduate; therefore making a 2018 total of 153 SME companies and 514 entrepreneurs.
Speaking during the graduation ceremony, Stanbic Head of Enterprise Development Tony Otoa said, “This facility is purposed to equip Ugandan SMEs with the necessary skills, knowledge and understanding of the requisite standards required to successfully participate in the Oil and Gas sector, and to run their businesses in a sustainable and profitable manner. It fills me with great pride to see the incubator attract more and more businesses with each in take. Today, 119 SMEs have graduated compared to 34 in May this year. This is a clear indication that we are moving in the right direction towards impacting on business sustainability and ultimately job creation.”
Stanbic Chief Executive Patrick Mweheire noted, “SMEs are key engines of economic growth in this country employing
approximately 2.5 million people, contributing 20% of Gross Domestic Product and producing 80% of Uganda’s manufactured output. They however continue to be plagued with challenges that limit their potential, including lack of financial support and lack of skills including entrepreneurial, management, marketing and financial planning. Stanbic Bank, through this incubator, is nurturing SMEs in order for them to develop and grow by bridging the identified gaps.”
The graduating cohort is involved in a wide range of businesses including catering and catering support services, security, medical services, facilities management including cleaning services, fumigation and pest control and grounds management. Equipment logistics, personal transportation and warehousing and logistics support services hotels and accommodation, entertainment, events management and support services, recreation, travel and tour operations.
Richard Ochieng, of the Uganda National Oil Company (UNOC) said, “One of the biggest challenges facing these SMEs is compliance and governance. These are key aspects for any competitive business to thrive and be able to operate in a high standard environment. I believe the entrepreneurs who graduated today from the Stanbic Business Incubator are well equipped to participate and in the sector as we await first oil.”
Uganda’s first oil is expected in 2021 according to the Ministry of Energy and Stanbic believes this will be ample time to have trained as many SMEs as possible and position them to benefit and make the biggest impact. The bank plans to expand and establish business incubators across the four regions of the country.
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About Stanbic Bank Uganda
Stanbic Bank Uganda is a member of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group reported total assets of R2 trillion (about USD165 billion) at 31 December 2017, while its market capitalization was R317 billion (about USD28 billion).
The group has direct, on-the-ground representation in 20 African countries. Standard Bank Group has 1 221 branches and 8 815 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.
Stanbic Bank Uganda provides the full spectrum of financial services. Its Corporate & Investment Banking division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.
Stanbic Bank Uganda personal & business banking unit offers banking and other financial services to individuals and small-to-medium enterprises. This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
For further information go to www.stanbicbank.co.ug. Issued by WMC Africa on behalf of Stanbic Bank Uganda. For more information contact:
Primrose Kiberu, WMC Africa, E Mail: prim@wmcafrica.com Mobile: +256 (0) 77 2430 304