Equity Bank’s Fort Portal event underscores role of SMEs in Uganda’s economy

September 3, 2025 in Business, Companies, Financial Services by Editor

Equity Bank Uganda has reaffirmed its focus on supporting small and medium-sized enterprises (SMEs) with the third regional leg of its “Tupange Business Ne Equity” campaign, which brought together entrepreneurs, traders, and community leaders in Fort Portal.

The engagement follows earlier stops in Arua and Mbale and is designed to provide SMEs with financial knowledge, networking opportunities, and practical tools to overcome challenges in a tightening economic environment.

Equity Bank officials described SMEs as a central driver of Uganda’s economic transformation and underscored their contribution to job creation and local growth. “At Equity Bank, we value each and every customer and are committed to giving them dignity in whatever aspect of life they do business,” said Fort Portal Branch Manager Felix Babeiha.

Delivering the keynote, Professor Alex Ariho, CEO of the African Agribusiness Incubators Network, urged SMEs to embrace innovation and collaboration. He noted that SMEs account for 90pc of global businesses and could provide up to 80pc of employment opportunities in Uganda if better supported. “If you succeed, the economy succeeds,” he told participants, stressing value addition and resilience as critical to long-term sustainability.

Equity Bank Uganda executives used the Fort Portal event to highlight reforms the institution has implemented to improve customer service. “Our journey has always been guided by our customers. Through an internal clean-up and accountability exercise, we have enhanced service delivery to respond better to their needs,” said Robert Wanok, Head of Retail and Corporate Banking.

SME leadership was also recognized at the event, with awards presented to entrepreneurs and community leaders who have demonstrated influence and loyalty. Honorees included Mubunga Samuel of Mubunga Investments Multipurpose Co. Ltd, Prof. Edward Bitanywaine Rugumayo of Tooro Botanical Gardens, and Rt. Rev. Bishop Reuben Kisembo of the Rwenzori Diocese.

Equity Bank’s Head of SMEs, Olivia Mugaba, emphasized that strengthening the SME sector is vital for Uganda’s broader economic ambitions. “Together, we must support and strengthen this backbone of our economy,” she said.

Catherine Psomgen, Director of Public Sector and Social Investments at Equity Uganda, added that the bank’s approach was to build entire business ecosystems. “We support the entire value chain from anchor businesses to the smallest players, ensuring that everyone grows together,” she said.

The “Tupange Business Ne Equity” campaign continues to position the bank as a partner to SMEs by combining financial services with mentorship, recognition, and networking, with further regional engagements expected in the coming months.