Financial Sector Deepening Uganda launches a new facility to support medium to large companies in attracting investment

Financial Sector Deepening (FSD) Uganda, in partnership with the European Union (EU) and Capital Markets Authority(CMA), have launched a Deal Flow Facility (DFF) to increase investment in medium to large companies in Uganda. Through the DFF, 220 selected companies will have the opportunity to build their skills in order to attract long-term investment capital to enable business growth.

The facility is targeting mature companies seeking investments of not less than UGX 1.83 billion. Multiple cohorts will run each year over a period of five years beginning September 2021. Companies will receive targeted support on investment readiness as well as have access to advisory services on tax, legal issues, finance and banking, and more to increase competitiveness and accelerate growth.

Apart from increasing capital inflows, accelerated growth of medium to large companies, the DFF will result in direct and indirect job creation. It will also strengthen the fragmented ecosystem by forming alliances with organizations and networks to contribute to the growth of capital markets.  Learnings from the DFF will provide the regulator and policymakers with objective, evidence-based perspectives to shape the current and future investment climate.

 

For more information contact;

Diana Ngaira

FSD Uganda – Communication Specialist

dngaira@fsduganda.or.ug

+256 773 248310

Samuel Sanya

CMA Uganda – Communications and Public Education Officer

ssanya@cmauganda.co.ug

+256779546213

 

About FSD Uganda

Financial Sector Deepening (FSD) Uganda is a company limited by guarantee promoting greater access to financial services in Uganda. FSD Uganda seeks to develop a more inclusive financial sector with a focus on low-income individuals (particularly small holder farmers, women, youth, and forcibly displaced people) and micro, small, and medium enterprises (MSMEs). 

About CMA

The Capital Markets Authority (CMA) is an autonomous body that was established in 1996, by the CMA Act, Cap 84. CMA is responsible for promoting, developing, and regulating the capital markets industry in Uganda, with the overall objectives of investor protection and market efficiency. CMA plays a significant role in regional and international cooperation and is a member of the East African Securities Regulatory Authorities (EASRA).

About EU

The European Union (EU) is a political and economic union of 27 Member States. Together, the European Union and its Member States are Uganda’s biggest development partner. The European Union supports good governance, rule of law, democracy, and human rights in Uganda. The European Union is a key multilateral, development, and trade partner of Uganda, working to improve green growth and the investment climate in Uganda to create decent jobs.


Uganda Revenue Authority to provide extra support for taxpayers to meet tax obligations

With the June 30 deadline for income tax returns fast approaching, Uganda Revenue Authority (URA) is offering assistance on how to:

  1. Reset your password
  2. Unlock your URA account,
  3. Use multiple language options,
  4. Use the available online payment options
  5. Avoid common errors when uploading a filled return template

Assistance will be provided via expanded hours at its service centers as follows:

  • Monday, 28th June 2021 from 8 am to 9 pm
  • Tuesday, 29th June 2021 from 8 am to 12 am
  • Wednesday, 30th June 2021 from 8 am to 12 am

As a business owner, remember that you are required to fulfill the following income tax obligations by 30th June 2021:

  1. Filing and payment of final income tax by individuals and non-individuals with the year of income ending on 31st December 2020.
  2. Filing of provisional income tax returns by non-individuals for the year ending 31st December 2021.
  3. Payment of provisional income tax last instalment for accounting date of 30th June.

The interest on late payment of tax is 2% of the outstanding amount. In case your business is facing challenges in complying with the above, reach out to the URA for assistance. 

For more information about the extra support contact:

Tel: 0800117000

Email: services@ura.go.ug

Website: https://www.ura.go.ug

 

 


Agricultural Business Initiative (aBi) explains its commitment to building the resilience of agribusinesses through inclusive finance

Agricultural Business Initiative (aBi) explains its commitment to building the resilience of agribusinesses through inclusive finance

The COVID-19 Business Info Hub spoke to Agricultural Business Initiative (aBi) Group Chief Executive Officer Josephine Mukumbya to learn about aBi’s role in helping the sector grow and survive the pandemic. Here is what she shared with us.

Recovery mechanisms aBi has in place to build sector resilience during the pandemic.

  • Promoting access to subsidized agricultural inputs to avoid the risk of food insecurity.
  • Provision of moratoriums to financial institutions (FIs) on their loan repayments.
  • Facilitating access to short-term working capital to reduce pressure on cash demands in the short run.
  • Temporary increase of the risk ratio share on the credit guarantee product from 50: 50 to 70: 30 (aBi: FIs).
  • Dropping the average interest rate by five percentage points across all our borrowing financial institutions.
  • Partnering with Stanbic Bank to deliver the Economic Enterprise Restart Fundto enhance credit access to SMEs and SACCOs

For more details contact: +256-312-351600 or info@abi.co.ug

What is the role of aBi Development in the agribusiness sector?

aBi is a multi-donor funded social enterprise founded in 2010 by the governments of Uganda and Denmark to promote private sector agribusiness development. The organization enables agribusinesses to grow, generates income for smallholders, and facilitates job creation within the sector. aBi consists of two companies – aBi Development Ltd and aBi Finance Ltd.

aBi Finance Ltd is a vehicle offering a mix of financial products such as lines of credit to financial institutions and de-risking instruments like guarantee schemes as well as technical assistance to support partnerships and promote specific projects for financial institutions and agribusinesses.

aBi Development Ltd channels development funding in the form of matching grants and business development services to agricultural producers and agribusinesses.. It takes a value chain approach to support enterprises in seven sub-sectors: cereals (maize, rice, sorghum & barley), pulses (beans), coffee, oilseeds, horticulture, dairy and poultry.

 

What challenges are SMEs facing in the agribusiness value chain during this period?

From interacting with our implementing partners, the most significant challenges we have seen are:

  • Logistical restrictions to market, which are costly given delays in shipping containers and closure of airspace. This was seen prominently in the coffee and horticulture sub-sectors, respectively.
  • Access to necessary inputs for production or input supply disruption is another challenge the sector is facing.
  • Small and Medium Enterprises (SMEs) have liquidity challenges, leading to downsizing operations or even causing partial closure.
  • Finally, it is costly to keep key human resources in such cases, yet once you take them off the payroll or send them home, they start looking for alternatives.

The Uganda Business Impact Survey 2020 by United Nations Capital Development Fund (UNCDF), Uganda Revenue Authority (URA), College of Business and Management Science (CoBMAS) and Ministry of Trade Industry and Cooperatives highlighted that 85% of the surveyed companies could not sustain business cash flow beyond three months and 62% of them were already laying off staff, and the highest layoffs were by SMEs with 11-50 employees.

As a result of these challenges, SMEs have used up their cash reserves, and they need both financial and non-financial support to recover.

 

What are some of the recovery mechanisms you have in place in the COVID -19 environment? 

The recovery mechanisms we have are inherent in our existing interventions to promote business sustainability and resilience; some were part of our activities even before the pandemic. In our current planning, we see the need to encourage more resilience.

We responded by engaging our partners to understand their concerns and challenges. For example, we are implementing a key project to promote access to agricultural inputs because we realized that the country was at risk of food insecurity in the short to medium term due to logistical restrictions. We intervened by availing subsidized inputs to farmers through existing partnerships to ensure that our farmers could still plant within the season (timely manner).

Additionally, we communicated to and assessed all our financial institution (FI) partners to establish relevant support. To that end, we gave some moratoriums on their loan repayments to align to the ones the regulator (Bank of Uganda) instructed them to provide the same to their clients. We made access to short-term working capital to reduce pressure on cash demands in the short run to increase liquidity.

aBi Finance has also temporarily increased the risk ratio share on the credit guarantee product from 50: 50 to 70: 30 (aBi: FI), noting that there are more agribusinesses in distress during this period. aBi Finance is taking on more of the credit exposure from the 50% before the pandemic to 70% .

We also dropped the average interest rate by five percentage points across all our borrowing financial institutions, with the condition that they passed on this concession to their customers – agribusinesses and smallholder farmers.

We have also partnered with Stanbic Bank on delivering the Economic Enterprise Restart Fund to enhance credit access to women and youth led/owned SMEs and Savings and Credit Cooperatives (SACCOs) to receive much-needed support to survive and thrive during and after the pandemic.

We are confident that these interventions can and have supported the recovery alongside the recovery mechanisms that the government has put in place.

 

What advice do you give to the actors in the agribusiness sector during the pandemic period? 

In the short to medium term, we all have to be extremely cautious about the safety of our people because lives are indeed precious, and people drive our companies and, thus, the economy as a whole. COVID-19 is now spreading so fast, and so, mechanisms to ensure the safety of people is critical in all we do and adherence to the standard operating procedures.

The upside for the agricultural sector is that the pandemic has brought the sector’s resilience to the forefront. The pandemic is an opportunity for stakeholders in this space to lobby more support to the industry, not just budgetary-wise, but also enforcement of the standards and policies in place.

Sector actors should enhance support in terms of pricing, concessions and moratoriums. Financial institutions and the Uganda Banker’s Association can take the lead to lobby Bank of Uganda to consider extending the moratoriums cycle beyond the earmarked date of 1st October 2021, given the new pandemic restrictions in place.

To ensure sustainability, financial institutions must invest in digitalization and other fintechs to enhance their business continuity and performance in light of COVID-19 associated restrictions and disruptions. aBi will continue supporting this and similar innovations as part of our COVID-19 response.

To access our services, agribusinesses can contact us on;

Telephone: +256-312-351600

Email: info@abi.co.ug

Website: www.abi.co.ug


Apply for the 2021 Social and Inclusive Business Camp

The Social and Inclusive Business Camp (SBIC) invites entrepreneurs to apply for the 2021 cohort. SBIC is an acceleration and capacity building programme dedicated to entrepreneurs with an impact project on the African continent and a desire to scale up. It seeks to bring together an active and dynamic community of change agents, therefore promoting networking, collective intelligence, and peer to peer sharing. Since its first cohort in 2017, the SIBC has supported 200 entrepreneurs with a strong social impact in Africa in their transition to scale-up and preparation for fundraising. The programme is organized around four key themes;

  1. Leadership, governance and team: defining better your purpose and mission, structuring your governance, and organizing your teams for successful growth
  2. Scale-up: adapting your business model and building your scale-up strategy to multiply your impact
  3. Environment Social Governance(ESG) & impact: defining your ESG & impact policy and measuring your social performance
  4. Investment readiness: identifying your financing needs, understanding investor expectations, and preparing to raise funds

 

How will successful applicants benefit?

The successful applicant will benefit from the hybrid support programme, which includes:

  • Four months of remote coaching on a dedicated online platform, alternating interactive virtual classes with international experts, and learning resources to consult autonomously.
  • One week of intensive Bootcamp in Marseille, France, in partnership with the Emerging Valley Summit
  • The possibility for each participant to be followed by a mentor from among the experienced alumni of the programme
  • Networking through integration into an active and ambitious international community of entrepreneurs and networking with investors and financial partners during the Bootcamp.

 

Who can apply? 

To apply, the company must meet the following criteria:

  • Be a legally registered company
  • Proof of a positive impact in Africa: social or environmental impact, activity serving vulnerable populations and creating jobs for these populations
  • Proof of customers, business turnover, and a balanced economic model or a medium-term profitability objective
  • Have a desire to grow and present a scale-up strategy

 

How to apply

The application file must be completed here and is comprised of:

  • An application form to be completed (questions on the project leader, the company, its structure, its Impact and its strategy for scaling up)
  • Proof of the legal registration of the company (registration document, articles of association, etc.)
  • Financial statements for the last three years
  • Detailed CV of the project leader
  • If you wish, a pitch deck or a presentation of your company (optional)

Application Deadline: 23rd July 2021

For more information about the programme:  

Email: ipconseil@ietp.com

LinkedIn: Social and Inclusive Business Camp

Visit: https://ietp.wiin-organizers.com/en/competitions/60980a7e5d27885d238ad5aa

 

 

 


New COVID-19 Measures and What They Mean for Your Business

On Friday, June 18, the government introduced new anti-coronavirus measures to help curb a second wave of the COVID-19 pandemic gripping the country. We understand that these are challenging times for Ugandan entrepreneurs as they strive to protect their families and businesses. We are here to help with a summary of the changes and what they mean for your business.

What are the new revised measures? 

  • The country will observe a new curfew time from 05:30hrs to19:00hrs
  • Shopping centers, churches and sports arenas are now closed.
  • All public and private transport will be suspended. However, emergency vehicles, police and army vehicles, and essential workers vehicles will be allowed to move. Boda-bodas will be allowed to move from 05:30hrs until 17:00hrs.
  • Workers within the essential sectors can continue working and should have a movement permit, work identification or authorization letters to ease their movement.

Note: The essential sectors are agriculture, industry, manufacturing and tourism, health and medical services, security (police and army), utilities, mass media, telecoms, banking institutions, waste management, retail shops and market, cargo transport and goods distribution.

What measures are still in place?

  • All schools and educational institutions remain closed.
  • Entebbe International Airport remains open. However, air travellers have strict rules and protocols to ensure the virus and new variants do not enter Uganda.
  • With the exception of returning Ugandans, international travellers coming from category A countries may not enter the country. Currently, only India is listed as a category A country.

How does this impact different industries?

  • Agricultural activities are permitted to continue uninterrupted because they do not encourage crowding.
  • When possible, factories and construction sites must house workers at workplaces for the next 42 days. Factory owners should work with the Ministry of Health to ensure that only uninfected workers are allowed on site.
  • Where workers’ housing is not possible, the factory owners should work with the health technical committee to agree on a safe alternative to enable factory activities to continue.
  • All cargo movements in and out of Uganda will be allowed without any disruption. Trucks are permitted to carry only two people.
  • Registered tourist vehicles will be allowed on roads if they move directly to their designated destinations.
  • Institutions, organizations, and workplaces should have person/s dedicated to compliance with SOPs (listed below), restrict the physical presence of staff to a bare minimum, and encourage people to work from home whenever possible.
  • All workplaces should observe standard operating procedures (SOPs) issued by the Ministry of Health – See the box below for more details.

Summary of the SOPs

SOP Detail
Cleanliness of premises ·       Carry out disinfection and sanitization process regularly during operations and  after operations
Health screenings ·       Ensure that all staff, suppliers and customers undergo a body temperature screening process
Hand washing /use of hand sanitizers ·       Provide hand washing points or hand sanitizers at the entrance to the premises and ensure  that hands are washed  before entering the premises
Use of face masks ·       Ensure that workers use a face mask at all time when on the premises
Social distancing ·       Ensure social distancing of one meter at all times

 

Given these new measures, what can I do to protect my business?

These new restrictions are likely to have significant impact on the operations of most businesses in Uganda in the near future; however, business owners can follow the tips to ensure business continuity and workplace safety:

  • Prepare a business continuity plan that fully addresses pandemic risks to enable the business to stay up and running during the time of restriction and beyond.
  • Maintain the company’s liquidity by reducing expenses because the disruptions may affect business sales and revenue.
  • Protect your customers by providing a safe environment and assuring them that they are protected.
  • If possible, allow staff to work remotely to reduce exposure to the disease. It will ensure the team feels safe and remains productive.
  • Increase the use of online and digital tools to reach out to suppliers and the market.
  • Be safe and make sure you continue to follow the appropriate SOPs for your business.

Reference:

  1. Speech on the resurgence of COVID-19 pandemic in Uganda.Issued 06.06.2021
  2. Speech on the revised COVID-19 restrictions in Uganda. Issued 18.06.2021


Key takeaways from the 2021/22 budget speech for the business community

On 10th June 2021, the budget speech for financial 2021/22 was delivered by Honorable Amos Lugolobi, Member of Parliament Ntenjeru North, according to the Public Finance Management Act 2015. The UGX 44.7 trillion country budget is effective on 1st July 2021 and is premised on the theme, “Industrialization for inclusive growth, employment and wealth creation”. The budget, geared towards agricultural industrialization, private sector business growth, and developing productive work skills, presents several opportunities to boost Small and Medium Enterprises (SMEs) recovery from pandemic effects.

Here are some critical takeaways that business owners need to know:

  • Access to affordable medium-to-long term capital for SMEs:Uganda Development Bank (UDB) will be further capitalized with UGX 103 billion in the financial year 2021/22, in addition to the UGX 555 billion disbursed in 2020/21 for lending to SMEs affected by the COVID-19 pandemic. The Agricultural Credit Facility (ACF) at the Bank of Uganda and the Emyooga programme through the Micro Finance Support Centre (MSC) will provide targeted funding for agriculture, women, and youth group business projects.
  • Boosting access to markets for the private sector: The government is extending COVID-19 relief measures and supporting entrepreneurial development through increasing regional and continental market access. It will develop market infrastructure to enable the private sector to take advantage of the export market opportunities, including the African Continental Free Trade Area(AfCFTA).
  • Credit relief for businesses through loan restructuring to improve liquidity:The restructuring of private sector bank loans has been further extended from 1st April 2021 for six months, allowing restructuring loans for up to three times. Any borrower can apply for the restructuring at any time before 30th September 2021.
  • Infrastructure development to ensure quality standards for agricultural exports:Eight (8) major border posts will be constructed and equipped to inspect, test, fumigate, and package services for exports. They will be located at Mutukula, Katuna, Mpondwe, Malaba, Busia, Suam, Elegu, Lwakhakha and the Entebbe and Kabale International Airports. The intervention will address quality standards for commodity exports such as maize and poultry, and dairy products.
  • Oil and gas sector commercialization and development:  The sector presents an opportunity for foreign direct investment inflows, creating direct and indirect jobs, facilitating local enterprise growth, including forwarding and backward linkages to agriculture, tourism, and petrochemical industries. The development phase will create significant benefits to our economy and SMEs, especially those who will provide services and goods to the industry.

The budget speech also demonstrated the government’s commitment to promoting the digitization of the economy to improve productivity and competitiveness. The scrapping off of the internet data excise duty over the top (OTT) is good news for internet users; however, the government has introduced a 12% excise duty on airtime, value-added services and internet data. It means higher communication and internet costs for SMEs integrating information and communication technology (ICT) in their work. Therefore, business owners need to plan how to manage the new charges and embrace the opportunities within the budget.

For more information about the funding contact:

Uganda Development Bank

+256312355500

info@udbl.co.ug

https://www.udbl.co.ug/

Agricultural Credit Facility

+256414258441/9

ACF@bou.or.ug

https://www.bou.or.ug/bou/bouwebsite/ACF/

Reference:

Detailed budget speech on 10.06.2021 available here.


Register for the ARISE Training Program for Women Executives

Register for the ARISE Training Program for Women Executives

Alliance for a Green Revolution in Africa (AGRA) and RENEW Strategies (RENEW) are inviting woman-owned or -led agribusinesses to participate in the African Resilience & Investment Series for Women Executives (ARISE). This free program consists of a four day training on Advanced Management and Financial Skill and aims to reach more than 2,000 women in agriculture-focused small and medium Enterprises (SMEs) across sub-Saharan Africa. The training will provide:

  • Managerial capacity building, including:
  • Strategic planning
  • Governance of your business
  • Finance for executives
  • Marketing and sales
  • Digital platforms as a means for business resilience
  • Coaching on investment readiness, and
  • Advice on pitching to investors.

By participating in this training,  women in agribusiness will improve their business capacity and resilience as they recover from financial hardships caused by the pandemic.

Date: 14th -17th June 2021, 02:30 – 05:00 pm EAT

Topic: Advanced Management and Financial Skills

To attend the free training:  Register here

Alliance for a Green Revolution in Africa  (AGRA) 

AGRA is a farmer-centred, African-led, and partnerships-driven institution that transforms Africa’s smallholder farming from a solitary struggle to survive to a business that thrives. AGRA programs develop practical solutions to boost farm productivity and incomes for the poor while safeguarding the environment. 

RENEW Strategies (RENEW)

RENEW is an impact investment firm. It manages and serves a global network of investors that seek to realize both social impact and financial returns on their investments in small and medium enterprises (SMEs) in Africa.

For more information, contact: mshiri@agra.org or renew@renewstrategies.com


Agribusiness

Building resilience for SMEs in the Agribusiness sector post COVID-19

This month, the COVID-19 Business Info Hub seeks to understand how the Small and Medium Enterprises (SMEs) in the Agribusiness sector can remain resilient after the pandemic. We will feature insights from different players in the Agribusiness Ecosystem. We will explore the pandemic’s disruptions on the Agribusiness supply chain, learn about the sector’s challenges and opportunities, and provide insights on what to do to stay afloat. We will provide you and your business information on the available interventions and support that you can take advantage of to grow your business.

Before the pandemic, SMEs in the Agribusiness sector were vibrant and engaged in significant value addition with the food system. They created employment along the value chains in agricultural trade, farm services and inputs, agro-processing, urban retailing and food services. However, when the pandemic hit, the sector suffered adverse effects, especially disruption of the supply chain and reduction in market demand. Although SMEs tried to respond by adopting digital solutions to access information on production, training services, and access to finance and markets, business still remains low. Nevertheless, as the economy is slowly opening up after months of lockdown and restricted movement, SMEs are slowly seeking to build back businesses.

Stakeholders, therefore, need to design interventions that support SMEs to continue playing their critical role within the sector. Interventions should help SMEs cope with the economic and financial implications of the pandemic. For example, help them strengthen their digital capacity through training and provide them with relevant information for business continuity. Successful implementation of these interventions will enable SMEs to become innovative, build resilience, and manage the current pandemic effects. They will also withstand continued market uncertainty and position for more robust post-COVID trade.

Are you interested in learning how some of the Agribusinesses managed to survive the pandemic? Do you want to know more about the policies and initiatives to help you stay resilient and grow your business? Then, keep following The Covid-19 Business Information Hub this month for more insights and relevant resources in the Agribusiness sector!


Women’s World Banking, Fintech

Apply Now for the 2021 Fintech Innovation Challenge

Women’s World Banking is inviting applicants for the 2021 Fintech Innovation Challenge, which aims to highlight fintech innovations serving unbanked and underserved women to build women’s security and prosperity in the face of global inequalities. Women’s World Banking designs and invests in financial solutions in emerging markets to create greater economic stability and prosperity for women, their families, and their communities. The organization has a global reach of 56 partners in 31 countries, serving more than 69 million women clients.

Application categories

Fintechs can submit applications in one of the two categories.

Build Security and Resiliency: Solutions that enable the unbanked and underserved women to build resilience through convenient, secure and reliable access to safety nets to ensure greater equality in the post-COVID-19 world.

Build Economic Prosperity: Solutions that enable the unbaked and deserved women to build their business and household income and drive economic growth to ensure greater equality in a post-COVID-19 world.

How will the successful applicants benefit?

The successful applicants will get benefits in two categories below:

Finalists will receive; 

  • Invitation to present at Women’s World Banking’s virtual Fintech Innovation Challenge in October 2021, Thought Leadership Series.
  • A virtual experience of Visa Inc’s Dubai Innovation Center, where you will be able to be part of an immersive experience in the future of payments furnished by Visa Inc.
  • One-year complimentary membership into Women’s World Banking’s Global Network.
  • Priority access to our Gender Assessment Methodology, a proprietary approach to helping institutions become a brand and employer of choice for women.
  • Complimentary tickets to the Making Finance Work for Women2022 Summit.

 

Winners will receive:

  • Customized fintech fueler package guidance session furnished by Visa Inc.
  • An exclusive pitch meeting and feedback session with the Women’s World Banking Asset Management Team.
  • A total of four one-on-one leadership coaching and feedback sessions with one of Women’s World Banking’s executive coaches.
  • A guaranteed spot as a featured speaker at a Making Finance Work for Women,2022 event. 

 

Who is eligible to apply?

The innovation challenge is open to:

  • Startup fintechs based anywhere leveraging technology to provide financial services for unbanked and underserved women in emerging markets.
  • Fintechs that demonstrate a commitment to developing women leaders through women in their senior management team and Board of Directors.
  • Solutions that focus on building women’s security or prosperity, particularly in supporting resilience and recovery from global economic shocks
  • Applicants that are pre-revenue but demonstrate a viable value proposition to reach unbanked and underserved women.

 

How to apply

Eligible fintechs can apply here

Application Deadline: June 20, 2021

 

For more information about the call:  

Email: fintechchallenge@womensworldbanking.org

Visit:  https://www.womensworldbanking.org/fintech-innovation-challenge-2021/

 


Agribusiness sector

Stanbic Business Incubator Limited partners with Pure Grow Africa to enhance agribusiness sector development in the Albertine region.

Agribusiness sector

Stanbic Business Incubator Limited partners with Pure Grow Africa to enhance agribusiness sector development in the Albertine region.

The Stanbic Business Incubator Limited (SBIL) has partnered with Pure Grow Africa under the Albertine Agribusiness Development Program to promote and nurture the agribusiness sector in the Albertine region. The program seeks to produce and aggregate quality food for supply to the region’s oil camps, which are expected to host over 160,000 when the oil production and development phase starts. The target is to support 20 Micro, Medium, Small and Medium Enterprises (MSMEs) and over 200 farmers through enterprise development, smallholder farmer training, and markets linkages.

SBIL will support the initiative by mobilizing funds for agribusiness activities, sourcing training experts, and bringing partners to invest in the program for job and wealth creation in Uganda. SBIL established an agribusiness hub in Bujumbura, Hoima District, for training, coordination, and aggregation of the farmers’ produce. Farmers will have the opportunity to receive training on best practices in agronomics and extension services, and MSMEs will have a chance to access finance and lucrative markets.

As a program partner, Pure Grow Africa will be in charge of mapping the region’s agribusiness ecosystem and profiling farmers to establish training needs and production capacity. Pure Grow Africa will also provide a market for farmer produce. The sectors of focus include; horticulture, cereals, grains, poultry, and animal husbandry. The planned farmer training will cover various aspects such as farm management, postharvest handling and record keeping. To ensure the program achieves quality and consistent production, meeting market requirements.

 About Stanbic Business Incubator Limited

The Stanbic Business Incubator Limited (SBIL) is a private company duly incorporated under the Laws of the Republic of Uganda. The Incubator started in 2018 as an initiative of Stanbic Bank to support and nurture SMEs to prepare for and harness business and growth opportunities. For more information, email: incubator@stanbic.com.

About Pure Grow Africa 

Pure Grow Africa is an agribusiness company whose primary aim is to source and market all types of Agricultural Items “Fresh or Dry”, “Raw or Value added. It also supports smallholder farmers through a system that empowers and strengthens them to remain productive in their agricultural enterprises. For more information, email: b.kimbuggwe@puregrowafrica.com.