In a significant move for Uganda’s business landscape, Equity Bank Uganda has announced a strategic partnership with KPMG and Nation Media Group to transform Small and Medium Enterprises in Uganda.
This collaboration will see Equity Bank become the main sponsor of Uganda’s Top 100 Mid-Sized Companies Survey and Awards for the next three years. The initiative aims to recognize and support the vital role that mid-sized enterprises play in the nation’s economy.
The Top 100 Mid-Sized Companies Survey and Awards has been a cornerstone of Uganda’s business community for over a decade. Organized by the Nation Media Group, which includes key media outlets such as Daily Monitor, K-FM, and NTV, the campaign seeks to identify and celebrate the country’s most promising mid-sized firms.
Partnering with KPMG, a globally recognized auditing and consulting firm, enhances the credibility and reach of this initiative. Other partners, including the Uganda Securities Exchange, Huawei, and The Innovation Village, further underline the collaborative effort to elevate Uganda’s business sector.
At a Top 100 SME Networking Forum held Sheraton Hotel Kampala, Anthony Kituuka, Managing Director of Equity Bank Uganda, highlighted the immense potential of SMEs in driving economic growth. “The Top 100 Mid-Sized Companies Survey and Awards presents a significant opportunity for us to showcase our offerings tailored for small and medium-sized enterprises,” Kituuka stated. He emphasized that Equity Bank’s mission is to provide innovative financial solutions that meet the unique needs of this sector.
Equity Bank’s focus on cash management, liquidity management, bill payments, and cashless transaction settlements is crucial for easing banking processes for SMEs. By leveraging technology, the bank aims to simplify financial operations, allowing businesses to focus on growth and development.
James Olany, Head of Strategy at Equity Bank Uganda, delivered a compelling address at the launch, underscoring the disruptive impact of emerging technologies on the business landscape. “The business world is undergoing a transformative phase driven by innovations such as artificial intelligence, machine learning, robotic process automation, and blockchain,” Olany explained. He noted that these technologies are not only reshaping operational strategies but also redefining customer experiences.
Olany detailed how Equity Bank has interconnected approximately 50% of its customers, enabling them to access their accounts seamlessly from anywhere. This interconnectivity is a testament to the bank’s commitment to leveraging technology to enhance customer service.
Equity Bank also introduced the Equity Group Innovation Hub, a project designed to support the transformative Africa Recovery and Resilience Plan (ARRP). This initiative aims to digitize value chains for over 100 million customers across East Africa. The hub focuses on collaboration and innovation, encouraging idea sharing and the development of new solutions to tackle complex challenges in the banking industry, including cybersecurity threats.
The forum featured a keynote presentation by Mr. Gerald Oola, Industry Solutions Manager at Huawei Technologies Uganda. Oola highlighted the critical importance of digital transformation for SME growth in Uganda, where SMEs contribute a remarkable 70% of the GDP and account for 80% of employment. “Digital transformation is not just beneficial; it is essential for survival in today’s competitive market,” he asserted.
Oola’s presentation delved into the nuances of digitization, digitalization, and digital transformation. He emphasized that adopting data-driven strategies and automation can significantly optimize business processes. Additionally, he discussed the importance of supply chain management and the advantages of cloud computing, noting that these tools can enhance operational efficiency and resilience.
He stressed, “Initially, adapting to technology was an option, but with the changing global landscape, it has become a necessity. Businesses must adapt to evolving market demands to thrive.”
Looking Ahead: A Vision for Sustainable Growth
As Equity Bank Uganda embarks on this partnership with KPMG and Nation Media Group, its focus remains on empowering SMEs and driving economic growth across the nation. The Top 100 Mid-Sized Companies Survey and Awards is poised to play a pivotal role in showcasing the innovation and resilience of Uganda’s business sector.
By investing in technological solutions and fostering collaboration, Equity Bank aims to enhance the overall banking experience for SMEs, ensuring they have the tools and support needed to succeed in a rapidly changing economic environment.
This initiative represents a broader commitment to fostering sustainable growth and resilience among Uganda’s SMEs, ultimately contributing to the country’s economic development.
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