UTD, Stanbic Business Incubator to aid start-ups

TOURISM 

As the leisure industry recovers from being battered by the COVID-19 Lockdown, Uganda Tourism Board (UTB) and The Stanbic Business Incubator signed a Memorandum of Understanding (MOU) to provide financial literacy support to Start-ups and SMEs in the tourism sector to ensure the development and sustainability of their businesses.

"The Stanbic Business Incubator will provide an enabling environment for the development of ICT-based solutions for record-keeping, business management and performance testing on tourism businesses for wider use and application by SMEs and actors in Tourism," tipped The Stanbic Business Incubator Executive Director Tony Okao.

"We shall organise and facilitate joint learning, experience sharing, and training sessions for start-ups, SMEs, and incubates based on enterprise needs. The training shall be centered on technological innovation, enterprise, and business development."

The monetary institution will provide resources such as expert advisors, mentors, administrative support, office equipment, and training for Start-ups and SMEs in the tourism sector besides not only contributing to the development but sustainability of their businesses as well.

On the other hand, the UTB CEO, Lilly Ajarova, explained that collaboration will be formed to contribute to the development and sustainability of the businesses in the tourism sector through enterprise development, training, and information dissemination.

"The goal is to continuously develop and grow the tourism industry of Uganda," stressed Ajarova.

"Part of this effort is dependent on our private sector, making it imperative that we at UTB create awareness for the available tools that can help in achieving our mutual objectives. We greatly look forward to the amazing things to come out of this partnership."

Adding that, this will further nurture and cement all mutual present and future relationships and benefits.

The partnership offers a unique platform for either entity to jointly develop and implement a series of financial literacy programmes on enterprise development and national content to produce competent, financially solid, and skilled entrepreneurs in the tourism sector.

The incubator is expected to mobilize the funds to facilitate incubation activities, for start-ups and SMEs on the tourism business incubation programmes.

And UTB will offer guidance on opportunities that are waiting to be tapped.

The MOU is expected to create a strong platform for cooperation and cross-cutting partnerships between related entities in different sectors.

This is expected to re-ignite the nation's tourism candle that was blown off by COVD-19 in March.

On the same note, the Ministry of Tourism is improving the quality of artifacts made in Uganda to enable the craft industry to share the resources spent by the tourist.

On the other hand, community tourism is being promoted to showcase the diverse Uganda lifestyles. This is in addition to bird watching and agro-tourism packages.

This is the way to enable guests to stay longer, enjoy the holiday, and recommend destination Uganda to their relatives, friends and social media followers.