The Independent Uganda: You get the Truth we Pay the Price
Agri SMEs urged to take advantage of available funding opportunities at 3 Day Bootcamp by Pearl Bank
Kampala, Uganda | NEWS CORRESPONDENT | Pearl Bank, in partnership with Ronalds in Africa, on Friday concluded a 3-day bootcamp aimed at encouraging farmers to take advantage of available funding opportunities so that they can scale their operations.
“From the bootcamp, where together with Ronalds in Africa we have offered technical assistance training to over 30 Agri-SMEs across the country, we are confident that with the right financing and implementation of what the agri-preneurs were encouraged to do, a tangible impact can be attained and also complement the government’s effort to grow the economy to USD 500 billion by 2040,” said Pearl Bank’s Regional Head, Greater Kampala, Martin Lukyamuzi. He made the remarks during the 3-day technical assistance training for over 30 agribusinesses that climaxed today at Skyz Hotel, Naguru.
He added that, “Agriculture continues to play a key role in the growth of our economy. The sector employs over 70% of our population who are directly or indirectly involved, and it forms part of the ATMS (Agro-industrialization, Tourism, Mineral Development, and Science, Technology & Innovation), which are key drivers of the government’s tenfold growth strategy to expand the economy from USD 50 billion to USD 500 billion by 2040.”
Specific to the Agri-SME training held jointly with Pearl Bank, Ronalds in Africa offered technical assistance in business growth, setting up systems, improving governance, becoming funding-ready, and securing larger facilities from funders.
GRO Foundation’s CEO Laban Musinguzi, noted that at the moment, Uganda is trying to come into the 7-dollar market but it’s key to know who you are serving and who you are producing for; hence, he encouraged the farmers to scale their operations by adding value to their produce so that they can tap into the existing local and regional trade opportunities through exports that will boost their agribusinesses.
Upendo Malikia, Machame Farm, MD shared how they have been able to grow their farm from 40 acres to 1,300 acres, and this was through, mechanisation integration, operational diligence, strategic partnership with suppliers, bookkeeping to track records, access to financing (Large Scale Facility) from Pearl Bank, among other key initiatives which ultimately positively impacted people in Nwoya, where the farm is located, through employment opportunities and social economic transformation in the community.
“We commit to continue designing accessible products and services that not only enable participation in the critical sectors like agriculture but also create positive outcomes like employment, financial inclusion, food security, and trade opportunities within the country and across the region, which will enable Uganda’s social-economic development,” Lukyamuzi concluded.
As a homegrown bank, Pearl Bank’s purpose is to foster prosperity for Ugandans, which it implements through its two high-impact goals: driving sustainable financial inclusion and stimulating entrepreneurship & enterprise.
