Overview:

Centenary Bank and the African Guarantee Fund launch a new partnership to help Ugandan SMEs access financing. Learn how the initiative aims to boost business growth and support women entrepreneurs.

KAMPALA, UGANDA — Centenary Bank, in partnership with the African Guarantee Fund, hosted the inaugural Enterprise Finance Summit on Thursday to help small and medium-sized enterprises access financing and grow their businesses.

The summit, held at Mestil Hotel in Kampala, brought together more than 100 guests, including SME owners, policymakers, and industry experts. The event was a direct result of a December 2023 agreement between Centenary Bank and AGF, a specialized guarantee provider focused on economic development in Africa.

Dr. Fabian Kasi, Centenary Bank’s managing director, said that SMEs are critical to Uganda’s economy, as they are labor-intensive and provide jobs for a significant portion of the population, including women and youth.

“SMEs are part of Centenary Bank’s mission-critical portfolio, where the bank finances over 150,000 businesses,” Kasi said. “The attention we give to them is immense, and we are not about to stop.”

According to the Uganda National Household Survey 2023-24 report by the Uganda Bureau of Statistics, 31% of households in Uganda are headed by women. Kasi emphasized the bank’s commitment to supporting women-led SMEs, which often face additional barriers to growth, such as limited capital and systemic biases.

Alvin Ocheng, a capacity development officer at the African Guarantee Fund, said that the summit’s turnout highlighted the importance of SME financing to Uganda’s economy.

“By enhancing access to finance for SMEs, particularly those led by women, we are not only fostering entrepreneurship but also contributing to sustainable economic development in Uganda,” he said.

Centenary Bank has a long history of supporting SMEs through products like its Cente Supawoman program for women business owners and the GROW loan, which helps entrepreneurs secure working capital to expand their businesses. The bank also conducts financial literacy training for SMEs.

The summit included presentations and panel discussions with industry experts, including Charles Ocici, CEO of Enterprise Uganda; Dr. Theopista Ntale, country lead at Nshuti Financial Advisory Services; and Dr. John Walugembe, CEO of the Federation of Small & Medium Enterprises. The discussions focused on financing opportunities, risk mitigation, and the role of smart financing in improving SME competitiveness.