Press Release


Kampala, Uganda: November 4th, 2020.   The Stanbic Business Incubator has signed a Memorandum of Understanding with the Uganda Tourism Board (UTB) to provide financial literacy support to Start-ups and SMEs in the tourism sector to ensure development and sustainability of the businesses.

This partnership brings a unique platform for both entities to jointly develop and implement a series of financial literacy programmes on enterprise development and national content to produce competent, financially solid and skilled entrepreneurs in the tourism sector.

According to the MoU, the Stanbic Business Incubator will provide resources such as expert advisors, mentors, administrative support, office equipment and training for Start-ups and SMEs in the tourism sector and contribute to the development and sustainability of their businesses.

Speaking at the MoU signing, the Stanbic Business Incubator Executive Director Mr. Tony Okao Otoa said the incubator will mobilize the funds to facilitate incubation activities, for start-ups and SMEs on the tourism business incubation programmes.

“The Stanbic Business Incubator will provide an enabling environment for the development of ICT-based solutions for record keeping, business management and performance testing on tourism businesses for wider use and application by SMEs and actors in Tourism,” Mr. Otoa said, adding that “We shall organize and facilitate a joint learning, experience sharing and training sessions for start-ups, SMEs and incubates based on enterprise needs. The training shall be centered to technological innovation, enterprise and business development.”

The UTB Chief Executive Officer, Ms. Lilly Ajarova, emphasized that the goal is to continuously develop and grow the tourism industry of Uganda. “Part of this effort is dependent on our private sector, making it imperative that we at UTB create awareness for the available tools that can help in achieving our mutual objectives. We greatly look forward to the amazing things to come out of this partnership,” Ms. Ajarova said.

She explained that through the UTB and Stanbic Business Incubator partnership, collaborations will be formed that will go a long way in contributing to the development and sustainability of the businesses in the Tourism sector through enterprise development, training and information dissemination. This, she added, will further nurture and cement all mutual present and future relationships and benefits.

“Given the current times and the immense impact on the Covid-19 pandemic on the Tourism sector in Uganda and beyond, this relationship is well placed to help businesses in the sector create new and existing methods to collectively re-start and drive tourism forward,” Ms. Ajarova added.

She observed that the MOU is set to create a strong platform for cooperation and cross-cutting partnerships between entities in different sectors. This, she explained, is bound to help light the spark that will re-ignite the nation, especially in the post COVD-19 era.




About Stanbic Business Incubator Limited

The Stanbic Business Incubator is a private company duly incorporated under the Laws of the Republic of Uganda with registration number 80020001471657 whose registered office is at Plot 5 Kololo lower terrace P.O. Box 7131, Kampala, Uganda.

The Stanbic Business Incubator started in 2018 as an initiative of Stanbic Bank to support and nurture SMEs to prepare for and harness business and growth opportunities. The Incubator has so far trained over 660 Small and Medium Enterprise and 1,746 entrepreneurs.

The Business Incubator provides an enabling environment for entrepreneurs through the following programmes:

  • Business Development Services.
  • Training and follow-up support interventions.
  • Networking Events focus group discussions and access to subject matter experts.
  • Mentoring and coaching of entrepreneurs after formal training
  • Provide avenues for accessing markets and sourcing of funds

For more information contact –

About Uganda Tourism Board

The Uganda Tourism Board is a Government institution mandated under the Uganda Tourism Act, 2008 to promote Uganda as a preferred destination for both domestic and foreign tourists; enforce and monitor standards in the tourism sector.