In a significant move to uplift the nation’s micro, small, and medium enterprises (MSMEs), the Federation of Small and Medium-sized Enterprises (FSME) has announced a partnership with Opportunity Bank aimed at supporting over 2,000 MSMEs through an innovative Accelerator Program.
At the launch event, FSME Executive Director John Walugembe emphasized the importance of this initiative, which will empower local businesses with essential skills and mentorship to enhance their entrepreneurial capabilities.
The program will focus on key areas such as business growth and sustainability, with beneficiaries selected from regions including Mukono, Jinja, Iganga, Kampala, Soroti, Lira, Mubende, and Hoima.
“We are excited to offer diverse business development services through this program,” Walugembe stated.
“Participants will have access to business training, mentoring, coaching, market linkages, and networking opportunities. Additionally, some will benefit from tailored financial products provided by Opportunity Bank Uganda.”
Amos Boona, Chief Relationship Officer of Opportunity Bank, underscored the bank’s commitment to empowering MSMEs as vital contributors to job creation and economic growth in Uganda.
“MSMEs face numerous challenges, including limited access to affordable credit and a lack of technical and management skills,” he explained.
“By partnering with the FSME, we aim to deliver cutting-edge technical support that addresses these challenges and fosters growth.”
Boona highlighted the program as a crucial step towards improving employment rates and enhancing household incomes in the country. “We want to create employment, improve livelihoods, and help MSMEs thrive,” he said. “This is just the beginning of a transformative journey for Ugandans.”
The partnership is expected to provide a much-needed boost to Uganda’s MSME sector, which plays a critical role in the economy but often struggles with financial constraints and lack of resources. With this initiative, FSME and Opportunity Bank aim to pave the way for a more robust entrepreneurial landscape in Uganda.