Top 100 mid-sized companies to get digital economy support
Left to right: Mr John Were of Uganda Securities Exchange, Mr Arthur Mukembo of Innovations Village, Ms Susan Nsibirwa, the managing director of NMG-Uganda, Ms Clair Tumwesigye, the head of communications at Equity Bank,Mr Peter Kyambadde of KPMG, and Mr Anthony Kituuka, the managing director of Equity Bank, during the launch of the 2024 Top 100 Mid-Sized Company Survey in Kampala on July 22, 2024. PHOTO/STEPHEN OTAGE
The Innovations Village has announced that companies that participated in last year’s Top 100 Mid-Sized Company Survey, as well as those participating this year, will be supported in joining the digital economy.
During the launch of this year’s survey and forum on Monday, Mr Arthur Mukembo, the coordinator of Future Labs at the Innovations Village, highlighted that two years after participating in the annual survey initiated by Nation Media Group and audit firm KPMG, many companies still lack understanding of digital transformation and innovations, as well as where to find opportunities to sustain their businesses.
“We are providing them with tools to identify opportunities. This includes technology tools, workshops, and benchmarking tours to help them not only understand these opportunities but also apply them by December,” he said.
Mr Mukembo emphasised that many SMEs are unaware that they can receive support to understand digital transformation, innovation methods, and prepare their employees to be technology-ready. The Innovations Village aims to bridge these gaps.
On Monday, the Nation Media Group and KPMG launched the 16th edition of the Top 100 Mid-Sized Company Survey. This year’s theme focuses on empowering SMEs to join the monetised economy, catalysing growth through innovation, sustainability, and market access.
The Managing Director of Nation Media Group Uganda, Ms Susan Nsibirwa, explained that the discussion forums organised for participants have been crucial for company growth. These forums provide essential information for running businesses profitably and sustainably and have attracted larger companies like Equity Bank to support SMEs.
“We understand the importance of SMEs as the growth engine for the economy. Taxes are important. We know where we are coming from when URA rolled out EFRIS. It is crucial for businesses to understand their tax obligations and the amnesty that the government has provided,” she said.
Ms Nsibirwa highlighted that the forums are valuable for information sharing, where key government institutions and partner organisations provide SMEs with information about opportunities in the national budget and taxation, which are vital for business sustainability.
Mr Peter Kyambadde, a managing partner at KPMG, noted that the survey has helped identify and address the challenges businesses face. Over the years, the participating businesses have experienced sustained growth, improved market visibility, attracted new customers and employees, benefited from financing linkages, and, in some cases, grown from medium to large enterprises. This success has encouraged more partners, like Equity Bank, to join the initiative.
Mr Anthony Kituuka, the managing director of Equity Bank, said access to finance is a significant challenge for SMEs.
As a regional bank, Equity Bank aims to transform lives, dignify businesses, and expand their potential for wealth creation. Through partners such as Innovations Village, KPMG, Huawei, NMG, the Ministry of Trade and Industry, and the Uganda Securities Exchange, they will showcase regional opportunities driven by government spending, offer financial solutions such as trade finance, working capital lines, overdrafts, and tax advice, and help SMEs with financing for imports and exports.
