Centenary Bank , African Guarantee Fund Partner to Boost SMEs

Centenary Bank, in partnership with the African Guarantee Fund (AGF), hosted the inaugural Enterprise Finance Summit at Mestil Hotel, Kampala, under the theme “Empowering Enterprise Growth Through Smart Financing Solutions.”

The summit was organized following an agreement signed in December 2023 between Centenary Bank and AGF, a specialized guaranteed provider whose mission is to facilitate economic development and poverty reduction in Africa. This agreement enables the bank to enhance financing for small and medium-sized enterprises and expanding their operations.

The summit brought together more than 100 guests, including SME clients, women entrepreneurs, policymakers, industry experts, youth and development partners. It is part of the bank’s broader SME mobilization and empowerment program, aimed at enhancing access to finance, strengthening entrepreneurial capacity, and driving inclusive growth. Through this partnership with AGF, the bank seeks to deepen support for SMEs, while providing practical solutions to the challenges faced by these businesses in Uganda.

Speaking at the summit, Dr Fabian Kasi, Managing Director of Centenary Bank, said that SMEs, among other advantages, play a critical role in the development of Uganda’s economy through employment creation, since they are labor-intensive and provide jobs to a significant portion of the population, including women and youth, thereby reducing unemployment and poverty rates. “SMEs are part of Centenary Bank’s mission-critical portfolio, where the bank finances over 150,000 businesses so the attention we give to them is immense, and we are not about to stop.” He added.

According to the Uganda National Household Survey (UNHS) 2023/2024 report by the Uganda Bureau of Statistics (UBOS), 31% of households in Uganda are headed by women. This therefore, speaks to the need to offer tailored financing solutions to open more doors of opportunity for women-led households, in addition to the other existing households to thrive.

However, despite the enormous advantages of SMEs, they continue to face challenges, among them being access to affordable financing, with women entrepreneurs often encountering even greater barriers, such as limited capital, cultural and systemic biases that make it harder for them to grow.

Dr Kasi therefore emphasized the bank’s commitment to supporting Uganda’s women-led SME sector. “Through this summit, we hope to foster inclusion by showcasing enterprising financing solutions available at the Bank, creating a platform for networking and business linkages among SMEs, industry experts, and development partners, and most importantly, fostering collaboration that drives sustainable enterprise growth,” he said.

Mr. Alvin Ocheng, Capacity Development Officer African Guarantee Fund commended the partnership saying that the turnout and engagement at this first Enterprise Finance Summit highlight how urgent and important SME financing is for Uganda’s economy. He mentioned that by enhancing access to finance for SMEs, particularly those led by women, we are not only fostering entrepreneurship but also contributing to sustainable economic development in Uganda.

Centenary Bank has long supported the growth of SME businesses through products like the Cente Supawoman program for the women business owners and GROW loan, which aims to increase access to working capital loans to entrepreneurs to grow their enterprises from micro to small and from small to medium-sized businesses. The bank also regularly carries out financial literacy training sessions for SMEs, speaking to its vision to transform lives through inclusive and innovative financial solutions, especially in rural areas sustainably.

The summit featured a presentation from Mr. Charles Ocici, CEO of Enterprise Uganda, keynote addresses from Centenary Bank and AGF leadership, alongside panel discussions with industry experts like Dr. Theopista Ntale, Country Lead, Nshuti Financial Advisory Services & Director New Faces New Voices and Dr. John Walugembe, CEO Federation of Small &Medium Enterprises. Participants explored financing opportunities, risk mitigation strategies, and the role of smart financing in enhancing SME competitiveness. Centenary Bank used the summit to create a collaborative ecosystem that supports sustainable business growth.