UPDF’s Boss Col. Edith Nakalema Graduates 60 Entrepreneurs Through UDB, Condemns Corruption.

 

 

At least 60 entrepreneurial personnels from various sectors which are business related have graduated with the Uganda Development Bank (UDB) through a three months program known as the Uganda Enterprise Development Program.

 

 

Colonel Edith Nakalema, the Head of the State House Investors Protection Unit has awarded with the Executive Director of UDB, Ms. Patricia Ojangole, certificates to graduates for successful completion of the course.

 

On Friday in kampala, Nakalema explained how the government of Uganda is at the forefront of fighting corruption especially to protect the investors in Uganda from being infiltrated by brokers or middle men, for example the use of digital means where an investor registers online with protection.statehouse invest.co.ug.

Uganda’s enterprise sector is dominated by the private sector which is comprised of over 1.1 million Micro, Small and Medium- sized Enterprises (MSMEs), which contribute 80% to GDP, 77% to formal employment and 80% to domestic revenues (Third National Development Plan 2020/21-2024-25). A further 1.8 million informal businesses are run by women, youth and refugees according to (Internal Labour Organisation /FSME Uganda, 2022).

 

Therefore It is useful to consider these details, for in them, we identify opportunities for us to bridge the gaps between SMEs and access to finance, she added.

 

 

 

 

 

 

“Access to business finance the opportunity, according to the Third National Development Plan. The main obstacles faced by enterprises in the business environment include access to finance 67%, energy related at 42% and tax rates at 38%. Therefore It is apparent that we need to design and roll-out appropriate interventions on financial literacy in a manner that is relevant to SMEs.”

 

 

In addition Nakalema said that the capital needs of MSMEs , the opportunity, MSMEs just like their large scale counterparts rely on financial services to meet their capital needs. However, variations arise from cash flow needs, risk management, asset building and levels of investments in productivity.

 

The drivers of MSMEs capital base are more skewed towards smoothing out day-to-day cash flows as opposed to business capital for re-investment. “ We can do far better to support MSMEs in accessing cheaper sources of business finance if we have national strategies for sustaining SMEs with clear objectives and targets that can be measured. I am confident that through UDB’s partnership with UMI, our SMEs will be empowered to manage their businesses in a manner that enables them to thrive.”

 

 

In a statement released on behalf of UDB, for publicity indicates that this diverse group of participating businesses, including SMEs, women, and youth enterprises, reflects the inclusive nature of the program and its potential to contribute to Uganda’s economic growth.

 

“EDP is a cornerstone initiative of UDB’s Business Acceleration for Successful Entrepreneurship (BASE) designed to foster business growth and enhance investment readiness through an incubator model. Incubation of the first cohort, graduating today, commenced in April 2024 and has been running for three months.”

 

Ms Patricia Ojangole, described that the day marks a significant milestone for the bank and the participating businesses and they are delighted to see the enterprises reach this stage of readiness. Therefore the knowledge and skills gained through EDP will enable them to navigate market complexities and attract the investment necessary for their growth, she added

 

The achievement has been conducted in partnership with the Uganda Management Institute (UMI) and Makerere University Business School’s Entrepreneurship, Innovation and Incubation Centre (MUBS- EIIC), the overall objective of EDP is to train, support, and incubate selected private businesses as they enhance their readiness for credit facilities from UDB and other financial institutions.

 

Ojangole also mentioned that EDP provides participants with essential skills in the management best practices, corporate governance, record-keeping, risk management and financial management, among others. This comprehensive approach establishes a robust foundation for their future success, ensuring that they are well-equipped to navigate the complexities of the market and attract the necessary investment for their growth.