The Stanbic Business Incubator Centre and Uganda Cooperative Alliance (UCA) signed a memorandum of understanding (MoU) to help streamline the business operations of member societies in Uganda.
According to the MoU, the two entities will partner and collaborate in the development and sustainability of cooperative businesses through enterprise development, specialised training and dissemination of information as well as to build a mutual relationship and benefits between the two entities.
Speaking during the signing of the MoU, the Executive Director Stanbic Business Incubator Limited, Tony O. Otoa, said that the partnership will allow them to give the services of the project to Uganda’s cooperative movement.
“The Stanbic Business Centre provides an enabling environment for entrepreneurs in small and medium-sized enterprises to acquire the knowhow to ensure the sustainability of their enterprises. Among other programmes, through this partnership, we shall jointly develop and implement a series of initiatives on National Content suited for the UCA member societies.” He said
The Business Incubator Centre was established so as to promote capacity building and business development services through offering training on different business aspects, sharing information and enterprise development.
It is also promoting local content by addressing the key challenges facing small enterprises (SMEs) in the various sectors of the economy.
Over 1000 businesses have been trained and prepared to supply Uganda’s budding Oil & Gas industry at all levels as a result of collaboration with key stakeholders such as the Petroleum Authority of Uganda (PAU), Uganda National Oil Company (UNOC) and other JV Partners.
“The Business Incubator will organize and facilitate joint learning, experience sharing and training sessions for the UCA member societies based on their enterprise needs. We shall also mobilise funding to help with the cooperatives’ incubation programmes and source additional specialised expert training partners in aspects of Enterprise Development and Technology innovation,” Otoa said.
Commenting on the partnership the General Secretary, Uganda Cooperative Alliance, Ivan Asiimwe said: “Uganda Cooperative Alliance is the umbrella body for all cooperatives in Uganda. One of our core responsibilities is to help build the capacity of these cooperatives. The Stanbic Business Incubator has had a major positive impact on SMEs and we want to tap the skills and knowhow being offered at the Centre to boost the capacity of our member societies. We shall also conduct ecosystem mapping and profile cooperatives business technologies for commercialization in the selected districts or areas of common interest.”