Economists have warned the Small & Medium-sized Enterprises-SMEs owners to avoid poor record keeping culture, unnecessary borrowing and other financial illiteracy cases hindering SMEs growth in Uganda.
Muhwezi Mathias, the western Uganda Post Bank Regional Relationship manager for SMEs, while sensitizing entrepreneurs in Mbarara city on Tuesday, November 8, 2022 expressed concern over the growing tendency of businesses operating without records. This as Post Bank and Federation of SMEs concluded 5-day skilling & financial literacy activities in Mbarara City where different farmers and entrepreneurs have been trained under the “AGRI-SME DEVELOPMENT PROGRAMME”.
Meanwhile, entrepreneurs decried costly and hard process to acquire the Quality Mark (Q-MARK) issued by the Uganda National Bureau of Standards-UNBS, which has also hampered value addition. Nelson Arinda of Tian Yoghurt expressed concern that many entrepreneurs have been forced to operate illegally because one needs over Ugx4 million in this process.
“I have benefited from the 5-day skilling & financial literacy activities. The knowledge & skills acquired will help me a lot, but many people are hindered by lack of enough capital and other resources to boost their businesses. The government and other stakeholders should bring more trainings and other interventions,” one of the beneficiaries Atwijukire Brian explained.
Richard Tumwesige from fsme emphasized the need to profile entrepreneurs, with this programme covering four major cities including Mbarara, Kampala, Arua and Lira depending on the pressing challenging affecting farmers or entrepreneurs in the mapped areas.