KAMPALA – Opportunity Bank (U) Ltd and Opportunity International have partnered with the Federation of Small and Medium Enterprises-Uganda (FSME) and the SME Academy to launch a groundbreaking MSME Accelerator Program. This program aims to accelerate the growth and impact of 2,820 Micro, Small, and Medium-Sized Enterprises (MSMEs) in Uganda, creating sustainable jobs and employment for young people, women, and marginalized groups.
Uganda’s MSME sector plays a vital role in the country’s economy, accounting for approximately 90% of all businesses, employing over 2.5 million people, and contributing around 20% to Uganda’s GDP. However, these enterprises face significant challenges, including limited access to finance, inadequate business skills, and insufficient market access.
The MSME Accelerator Program seeks to address these challenges by supporting MSMEs from eight districts: Kampala, Mukono, Jinja, Iganga, Soroti, Lira, Mubende, and Hoima. Beneficiaries will access business training, mentoring, market linkages, and networking opportunities. Some will also receive tailored financial products from Opportunity Bank.
The program leverages the Federation of Small and Medium Enterprises-Uganda’s (FSME) extensive network, which represents over 934,000 MSMEs nationwide. FSME’s mission is to equip MSMEs for success and growth by ensuring they operate in a conducive business environment with access to quality business development services.
Amos Boona, Chief Relationship Officer at Opportunity Bank Uganda, emphasized the bank’s commitment to supporting ‘missing middle’ customers.
“We’ve identified four key challenges hindering their growth: access to affordable credit, lack of technical and management skills, information asymmetry, and market competition.”
“This partnership will provide cutting-edge technical support to 3,000 SMEs in Uganda, valued at over $200,000,” he added.
John K. Walugembe, Executive Director of FSME and SME Academy, noted, “Our federation represents over 900,000 MSMEs across the country, and our mission is to empower them to grow and thrive through access to demand-driven services and a supportive environment.”
He stressed that “This program will support 20,820 MSMEs, focusing on creating sustainable jobs that improve the livelihoods of young people, women, and marginalized communities.”
Through this initiative, beneficiaries will gain valuable training, mentorship, market linkages, and networking opportunities, with select participants receiving financing recommendations from Opportunity Bank. The SME Academy will utilize its Accelerator Model, a 12-month process comprising business diagnostics, curriculum design and training delivery, mentorship and coaching, and linkages to finance and markets.
By empowering entrepreneurs, this initiative fosters sustainable economic growth and improved livelihoods, ultimately benefiting thousands of people. Considering the multiplier effect, each SME has the potential to transform 50 households, impacting over 140,000 people.
