Micro-finance institutions to award entrepreneurs

By Oyet Okwera

Association of Micro-finance Institutions of Uganda (AMFIU) has partnered with Citi bank to award outstanding entrepreneurs in Uganda.

This partnership is intended to increase financial capacity of entrepreneurs coupled with supporting them increase business prospects.

David Baguma, the Executive Director AMFIU believes that economic progress can be realized through encouraging and offering financial support to entrepreneurs. 

Baguma urged all entrepreneurs   to expand their businesses and take advantage of the market especially in agricultural produce.

He was recently speaking in an interview with journalists at AMFIU headquarters to announce the annual entrepreneurs awards slated for September 10, 2014.   

Baguma believes that encouraging entrepreneurs undertake different projects will help alleviate poverty and increase standards of living.

“Since the micro-finance sector thrives on economic boom, we think it is necessary that entrepreneurs be supported to expand and increase banking with financial institutions,” said Baguma.

Over sh60m will be put aside to a number of successful micro-entrepreneurs selected through a panel of high profile people in the micro-finance sector.

Robert Ntalaka, the publicist of AMFIU said the awards are intended to encourage entrepreneurs to increase employment opportunities to the youths.

Ntalaka also urged Small and Medium Enterprises (SMEs) to have a projection aimed at increasing their branch network so that more Ugandans benefit from the goods and services.

The micro-entrepreneurs were selected from clients of Micro Deposit Taking institutions (MDIs), Micro finance Institutions (MFIs) and SACCOs.

These entrepreneurs have exhibited excellence in areas of business growth, employment creation, sustainability, innovation, financial discipline and their impact on their families and communities they are located.
 It will include women, youths and persons with disability

Entrepreneurs speak out

Santa Lakot, an entrepreneur in Gulu welcomed AMFIUs’ initiative to award entrepreneurs and she observed how some entrepreneurs are grappling with the challenge of capital.

Lakot said with financial support, entrepreneurs will have a positive impact through creating employment opportunities to the communities where they live.

“Some of us have not been supported but I’m happy that the association has come out to ensure that our projects contribute to people’s welfare,” said Lakot

Steven Bogere an entrepreneur in Kayunga says most people are unemployed because of the mind-set that prepares them to look for jobs rather than being innovative.

Bogere believes the education system requires overhaul to address employment related issues.
 

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