The Micro, Small, Medium, Enterprises (MSMEs) are the engine of growth for the economic development of Uganda and indeed the world at large. They are spread across all sectors with 49% in service sector, 33% in commerce and trade, 10% in manufacturing and 8% in others.
On 24th August 2022, 95 (Ninety-Five) women owned small and Micro businesses in Kamwokya benefited from a financial literacy and business management training conducted by HopeStone Africa.
As reaffirmed by the Monitor on 29 Jan 2021; the common challenges in the internal environment of businesses in Uganda include management competency and limited financial knowledge which then hinder the performance of SMEs. Majority of small business owner-managers have very basic understanding of financial and accounting information.
With over 2.5 million people employed by MSMES, its upon us to improve the managerial competencies which then will have a positive influence on the performance of business.
The trainees who mainly operate in market trading, manufacturers of shoes, soap and tailoring were taught on how to manage their personal and business finances through budgeting savings, investment and how to manage their businesses including business formalization, record keeping, among other business concepts.
The trainees will also benefit from other services offered by HopeStone including access to the business advisory, incubation, Investment fund, market linkages and risk management.
The Chairperson of the Kamwokya Empowered Women & Girls Initiative; Mrs. Goretti Katana encouraged the trainees to implement the personal finance & business skills learned for their business success.
HopeStone Africa is committed to walk the business journey with micro enterprises to ensure they grow and thrive.