By Mulengera Reporters
Equity Bank Uganda on Tuesday, August 19 brought together hundreds of entrepreneurs from across Eastern Uganda for the Tupange Business ne Equity forum in Mbale, where the bank pledged deeper support for small and medium enterprises (SMEs).
Addressing participants, Olivia Mugaba, the Head of SME at Equity Bank Uganda, reminded the gathering that SMEs remain the backbone of economies everywhere, creating seven out of every ten new jobs globally. She noted that in emerging markets, SMEs contribute nearly 40% of national income, while in developed economies they account for about 50%.
Mugaba explained that in Uganda, SMEs are defined under ETIVAC revenue ranges, but their true strength lies in the value chain.
“When one part of the chain is weak, the whole rope risks breaking,” she told the people of Mbale, stressing the need for businesses to work together for sustainable growth.
She revealed that the Bank now provides over 10,000 SME and microloans every month, worth between UGX 70 and 100 billion, underscoring the its deliberate effort to close financing gaps that often stifle business growth. But she was quick to add that the bank’s commitment goes beyond loans, pointing to advisory services, transactional solutions, and ecosystem financing as key pillars of its SME support.
Encouraging participants drawn from all corners of the East, Mugaba said “You don’t have to walk alone because Equity Bank is here to move with you,” urging SMEs to actively engage with the bank’s team, use the available tools, and seize the market insights shared under the Tupange programme.
She also extended a warm welcome to both long-standing and new clients, saying that by pulling in the same direction, SMEs and the bank would “reap bigger harvests” for the good of the entire country.
