dfcu Bank launches 2nd and 3rd cohorts of Business Accelerator Program

The Agribusiness Development Centre, powered by dfcu Bank and Rabo foundation has partnered with GOPA Worldwide consultants to implement two consecutive cohorts (two and three) of the Business Accelerator Program (BAP).

Under the program, the bank is expected to create 50 entrepreneurial jobs and 100 intern jobs created contractually within the enterprises.

Ms. Josephine Mukumbya, Executive director at Agribusiness Development Centre, in her opening remarks at the event in Kampala on Wednesday, 15 February 2023, said that the program is in line with the national program of Enhancing the Competitiveness of Small and Medium Enterprises (ECOS).

“A multi-dimensional approach entailing a combination of training, mentoring, coaching and technical assistance will be used for the program,” she said.

Ms Mukumbya explained that the above methods shall be utilized jointly to address the main constraints to accessing and using financial services for improved business operations, investment readiness and linkages to funding for growth and job creation.

“By the end of 2023, 50 jobs will be created by the enterprises graduated from the program, 100 intern jobs created contractually within the enterprises and 10% increase in incomes of trained and linked Agribusinesses,” she added.

The Business Accelerator Program is a 4-month program focused on the growth of agribusiness enterprises that have moved from the ideation stage and are ready for scale.

The program seeks to enable 350 agribusinesses (40% women-led) to become self-sufficient and create new jobs in critical sectors including agro marketing, processing, production agro forestry, agro tourism and agri- support services such as agritech; veterinary; input supply and extension service.

Mr William Sekabembe, Ag. CEO dfcu Bank, said the program shows their commitment to the agricultural sector to foster growth.

“The company has directly supported farmer communities through tailored agri-products and put in place strategies through its affiliates to de-risk agriculture and make it an attractive enterprise across the country,” Mr Sekabembe said.

“There is no Uganda without agriculture and SMEs, it is our backbone as a country. Combining agriculture and women economic empowerment is a magic pill that will transform economic prosperity nationwide,” he added.

According to Sekabembe, dfcu Bank has seen the transformational power of entrepreneurship in Uganda over the years.

“This partnership is our commitment to continue investing in the women of this nation that shoulder the economic burden in their families and feel the brunt of policies that are not aligned to their needs,” he said.

“We want to empower more women enterprises as we continue to collaborate with and listen to them and tailor make solutions,” he added.

Speaking on behalf of the Dutch Embassy, Ms Heide Oranje applauded the partners for their commitment to growth in agribusiness and economic transformation.

“I congratulate you for a successful completion of the first cohort. I look forward to the best in the 2nd and 3rd cohorts. We are ready to move the journey with you till the end,” she said.