Kampala — Uganda's largest commercial bank, Stanbic, is set to open a business incubator to stir growth of small and medium enterprises countrywide.
"The incubator will provide an enabling environment for SMEs to enhance their capacity, enabling their businesses to survive, operate successfully and grow," Stanbic Bank CEO, Patrick Mweheire, said recently during Skilling and Local Content Forum in Kampala.
Latest figures show there are about 160,000 micro, small and medium enterprises (MSMEs) in Uganda.
However Mweheire said although Uganda ranks as a top entrepreneurial country in the world, few of these enterprises survive for very long.
Some 80% do not make it to their third birthday yet 2.5 million people are employed in this segment of the economy.