In a recent gathering convened by the State House Investors Protection Unit under the leadership of Col. Edith Nakalema, a crucial discourse unfolded regarding the growth and sustainability of micro, small, and medium enterprises (MSMEs) in Uganda. 

The meeting, held on October 23, 2023, brought together key of stakeholders, including prominent figures from various government bodies, banking institutions, and industry experts.

Throughout the meeting, the pressing issues faced by MSMEs were brought to the forefront, with a particular emphasis on the need for financial knowledge and access to resources. MSME directors voiced their concerns regarding bureaucratic hurdles, limited financial access, unfair taxation practices, and stringent terms and conditions imposed by government agencies and parastatals. These challenges, if left unaddressed, could impede the growth and prosperity of small and medium-sized enterprises, which are the backbone of Uganda's entrepreneurial landscape.

In her remarks, Col. Edith Nakalema stressed the significance of promoting domestic investment while also recognizing the importance of foreign investment. She emphasized the need to level the playing field for domestic investors by providing them with equal opportunities and access to resources. This can only be achieved through initiatives aimed at enhancing financial literacy and empowering SMEs to harness available opportunities effectively.

The engagement between MSME stakeholders and the State House Investors Protection Unit serves as a pivotal step towards addressing the challenges faced by domestic entrepreneurs and fostering a conducive environment for business growth. By leveraging the expertise and resources of governmental bodies, banking institutions, and industry experts, Uganda can unlock the full potential of its MSME sector, thereby driving economic development and prosperity for all stakeholders involved.

Among the attendees were Dr. Twinemanzi Tumubweine, the Director of Supervision at the Bank of Uganda; Mr. Richard Byarugaba, Executive Director of Finance at the Bank of Uganda; and Mr. Moses Kaggwa, Director of Economic Affairs from the Ministry of Finance. Additionally, Mr. Joshua Mugabi, Commissioner of MSMEs from the Ministry of Trade, and Ms. Mercy Keinobwisho, the Registrar General of the Uganda Registration Services Bureau, graced the gathering with their presence.

Bank executives who participated in the meeting included Mr. Wilbrod Owor from the Uganda Bankers Association, Dr. Patricia Ojangole, CEO of the Uganda Development Bank, Mr. Julius Kakeeto, Managing Director of Post Bank, Mr. Michael Mugabi, Managing Director of Housing Finance Bank, and Mr. Joseph Balikuddembe, Executive Director of Centenary Bank. The presence of these banking stalwarts underscored the significance of financial institutions in facilitating the growth and development of MSMEs within the Ugandan economy.