KAMPALA, UGANDA— Equity Bank Uganda Limited on Thursday announced the results of the Top 100 SME Survey, highlighting the resilience and innovation of small and medium enterprises in Uganda.
The survey, conducted in partnership with KPMG and the Daily Monitor, captured insights from 180 SME participants on their perspectives on the economy, business operations, opportunities, challenges, and innovations.
According to the survey, 70% of businesses have been operational for 6-25 years, while 9% are newly established. Fully Ugandan-owned businesses increased to 70%, while foreign-owned businesses declined by 2%.
The survey also highlighted the challenges faced by SMEs, including high taxes, competition, delayed customer payments, and lack of funding for asset investments.
Despite these challenges, the survey revealed that 71% of businesses anticipate hiring more staff in the next year, while 34% aspire to form partnerships within East Africa.
Equity Bank Uganda Limited’s Executive Director, Gift Shoko, emphasized the bank’s commitment to supporting SMEs. “We reinforced this commitment to the SME sector in 2022 with the launch of the Africa Recovery and Resilience Plan, which has become our landmark strategy to support business recovery from the post-Covid pandemic challenges through available financing,” Shoko said.
Sam Barata, General Manager, Commercial of Nation Media Group, noted that the survey marks a significant milestone in celebrating the innovation and resilience of SMEs in Uganda. “The SME survey today marks another milestone in a journey that has spanned 16 inspiring years, celebrating the innovation, resilience, and impact of Uganda’s small and medium-sized enterprises,” Barata said.
Benson Mwesigwa from KPMG highlighted the survey’s methodology, noting that companies with an annual turnover between UGX 360 million and UGX 25 billion were eligible to participate. Mwesigwa also noted that banks, insurance firms, and stock exchange member companies were excluded from the survey.
The survey’s results will be celebrated at a gala dinner and award ceremony, recognizing and honoring SMEs that have demonstrated excellence, resilience, and innovation in the sector.
