Centenary Bank has pledged to deepen support for Uganda’s small and medium enterprises (SMEs), women-led businesses, and underserved communities through inclusive and affordable financial solutions, Managing Director Fabian Kasi said during the bank’s inaugural SME summit.
Kasi highlighted that the bank has already financed more than 150,000 businesses, underlining its position as Uganda’s leading commercial microfinance bank serving over 3 million customers through nearly 8,000 agents countrywide. He described Centenary Bank as “the people’s bank” with a mission to transform lives through innovative solutions, particularly in rural areas.
“For four decades, we have worked side by side with individuals, families and businesses, extending financial solutions. Currently, not only are we the number two bank in profitability, but our asset base has grown to over UGX 8 trillion,” Kasi said.
“Despite these achievements, our greatest pride lies in supporting SMEs, women and youth entrepreneurs who form the backbone of Uganda’s economy.”
Uganda’s 2024 State of Entrepreneurship report shows that SMEs make up 90 percent of the private sector and contribute 75 percent of the country’s GDP. Kasi stressed that SMEs remain vital to employment creation and poverty reduction, but face persistent challenges, including access to affordable financing.
He particularly pointed out the barriers women entrepreneurs encounter, ranging from limited capital to cultural and systemic biases that hinder growth. “That is why our partnership with the African Guarantee Fund is critical,” he noted. “Together, we are increasing access to finance for SMEs and women-led businesses, ensuring that they can thrive.”
Alvin Ochieng, Capacity Development Officer at AGF, reaffirmed the institution’s commitment to this collaboration, emphasizing that sustainable growth depends on unlocking financing for entrepreneurs. He said AGF is working closely with Centenary Bank to de-risk lending to SMEs, thereby empowering thousands of businesses that would otherwise struggle to access credit.
“SMEs are the engine of Africa’s growth, but they remain underfinanced. Our role is to provide guarantees that enable financial institutions like Centenary Bank to lend more confidently, especially to women entrepreneurs who are often overlooked,” Ochieng said.
The summit provided a platform for SMEs to network, explore new linkages, and engage directly with experts. Kasi urged participants to maximize the opportunity. “Please connect with the experts we have assembled for you and explore the opportunities that can help you grow your enterprises,” he said.
In his closing remarks, Kasi called on the private sector and government to strengthen collaboration for inclusive and sustainable development. “Sustainable growth is only possible when we pool our strengths for the greater good. At Centenary Bank, we remain committed to empowering the underserved and promoting sustainable SME growth for a more prosperous Uganda,” he said.