The Private Sector Foundation Uganda (PSFU), in collaboration with the Mastercard Foundation and the African Management Institute (AMI), recently convened a thought Leadership Event aimed at redefining Business Development Services (BDS) in Uganda.
This meeting brought together key stakeholders from Uganda’s BDS ecosystem, emphasizing the critical role of BDS providers in addressing challenges faced by MSMEs, such as limited access to finance and essential business skills.
Through insightful discussions and collaborative efforts, PSFU and AMI introduced an extensive BDS training program designed to bridge these gaps effectively this event marked a pivotal moment in enhancing support for Micro, Small & Medium Enterprises (MSMEs) and fostering sustainable economic growth.
Since most people in Uganda work in farming or small businesses that don’t pay much, there are about 1.1 million small businesses in Uganda, but they don’t make a lot of money each year.
Recent studies show that countries with more small businesses tend to grow faster because they create more jobs, So, it’s important for Uganda to focus on helping these small businesses grow.
Apparently, one of the biggest problems for small businesses in Uganda lately is getting money. Most of them can’t get loans or afford the high costs of borrowing money which makes it hard for them to grow or even survive when things get tough.
Additionally, many small businesses lack important skills needed to succeed, things like managing money, finding customers, and planning for growth are challenging for them.
To help these businesses, Private Sector Foundation Uganda (PSFU) working with partners like the Mastercard Foundation are looking forward to creating jobs for young people and improve business skills in Uganda. This way, they hope to boost the economy and create more opportunities for everyone.
The success of this initiative stems from a deep understanding of Uganda’s MSME ecosystem, garnered through consultations with local experts and stakeholders. This inclusive approach ensures widespread acceptance and adoption of BDS guidelines, promoting long-term sustainability and growth.
PSFU’s dedication to enhancing BDS services reflects its broader mission to support MSMEs and foster a prosperous business environment in Uganda. The ongoing collaboration with key partners and stakeholders underscores a shared commitment to sustainable growth and inclusive economic development.
Key Achievements and Impact from the intervention to date include;
showcasing nationwide interest and potential to impact 10,000 MSMEs, More than 217 BDS providers received comprehensive training, enhancing business support standards across Uganda and Development of two core BDS standards focusing on “Building Organizational Capacity” and “Delivery of Business Development Services,” addressing critical gaps in the sector.