The COVID-19 Business Info Hub spoke with Tony Otoa, Head of Enterprise Development at Stanbic Bank Uganda to understand how the Stanbic Business Incubator is meeting customer needs in this time of crisis.

COVID-19 will change how we think, how we relate, how we do business. If there was ever a time for businesses to focus on business productivity and sustainability, it is now. We need to make this possible for them.

What are the main business development needs of the SME sector in the face of COVID-19 and how is the Business Incubator serving these needs?

The biggest challenges for them are business survival – how to survive and sustain themselves over the next phase – and cashflow. Businesses need to understand how to take care of their businesses in terms of cash flow. The Stanbic Business Incubator has had to rethink our program, going away from the typical classroom lecture mode into online tutorials and lectures. This has been received with a lot of hope, because right now, businesses need this information on financial management, governance, and other issues critical to business survival more than ever.

Are there any other initiatives the Business Incubator is undertaking?

Stanbic Bank, in partnership with African Management Institute, has set up a program that is going to be supporting businesses within our system to become more resilient, more adaptable. The Business Survival Bootcamp takes care of the immediate demands of businesses in terms of how to run and operate. The program is free and open to entities within the Business Incubator.

How can businesses get in touch with the Business Incubator?

Call us on: 03122226700, 03122224873 or Email us at: OlukaE@stanbic.com, AyaaN@stanbic.com, and OtoaT@stanbic.com

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Business Survival Bootcamp

To help African businesses continue to thrive, AMI is offering a free webinar series, with a ‘COVID-19 Business Survival Toolkit’.

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