African Guarantee Fund, Centenary Bank renew $25 Million partnership to boost SME growth in Uganda

African Guarantee Fund and Centenary Bank Renew $25 Million Partnership to Boost SME Growth in UgandaThe renewed partnership, marked by a signing ceremony, aims to enhance access to financing for SMEs, particularly women-led and green businesses.

“Through the African Guarantee Fund, we have been able to support over 1,600 SMEs in the trade and construction sectors. These businesses have not only thrived but have also created thousands of jobs, contributing significantly to the socio-economic fabric of our nation,” said Fabian Kasi, Managing Director, Centenary Bank. “We are proud to have supported SMEs, which are the backbone of our economy, and we believe this renewed partnership will further accelerate their growth.”

The renewed guarantee is expected to unlock close to $200 million in financing, benefiting over 700 SMEs.

“Our partnership with Centenary Bank represents a significant step in our mission to support SMEs, who account for approximately 90% of private sector businesses in Uganda. By enhancing access to finance for SMEs, particularly those led by women and involved in green initiatives, we are not only fostering entrepreneurship but also contributing to sustainable economic development in Uganda,” said Jules Ngankam, AGF Group CEO. “We are committed to supporting SMEs, and this partnership is a testament to our dedication to their growth and success.”

This partnership is backed by the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to bridge the financing gap facing women entrepreneurs in Africa.

Centenary Bank was recently recognized as the AFAWA Bank of the Year for its commitment to supporting women SMEs.