SMEs urged to digitize their operations to enhance payments & market reach.
Drake Nyamugabwa
Uganda’s Small and Medium Enterprises (SMEs) have been advised to harness new technology solutions to enhance business growth through digitizing their operations that the experts say will boost payments and expand their market reach.
During the Top 100 SMEs Forum organized by Daily Monitor and KPMG Uganda on 19th September 2024 at Sheraton Hotel, Experts emphasized the necessity for SMEs to digitize their operations, including commercialization of their websites by integrating payment gateways and exploration of e-commerce to enhance market reach and advocating for collaborations with logistic providers to address distribution challenges.
The Top 100 SMEs forum powered by Equity Bank Uganda was themed: “SMEs embracing technology for growth, sustainability and ease of market access.”
Mr. James Olany
Mr. James Olany Head of Strategy Equity Bank emphasized the bank’s commitment to support SMEs in adopting digital payment solutions and the critical role of digital transformation in businesses, particularly for small and medium enterprises (SMEs).
“At Equity Bank we are committed to supporting SMEs in adopting digital payments, this is crucial in transforming the businesses of SMEs,” he said
He highlighted the significance of emerging technologies such as blockchain, cryptocurrencies, artificial intelligence, and machine learning, noting that 96% of the bank’s transactions occur digitally.
The Managing Director of Huawei Technologies Uganda Mr Sunrise Xia, emphasized Huawei’s dedication to providing innovative and accessible solutions that enrich lives in Uganda and globally.
Mr. Sunrise Xia focused on empowering small and medium-sized enterprises (SMEs) to embrace technology for growth and sustainability where he mentioned that challenges faced by SMEs, such as limited resources and the need for effective solutions, were addressed, leading to the presentation of Huawei’s Cloud SME Support Program that offers free cloud services to alleviate initial costs.
Mr Sunrise Xia making his remarks at the forum
While discussing the topic of “SMEs Capital Raising Readiness: Funding through the Capital Markets” Capital Markets Authority CEO, Mr. Paul Bwiso, highlighted that SMEs need to meet financial, governance, and regulatory standards to attract capital market funding.
He noted that investors favor companies with audited financials, good governance, and growth-focused strategies
Mr. Paul Mbuga, partner at S&L Advocates, stressed the importance of transparent financials, a clear strategy, and compliance to gain investor trust, advising SMEs to work with financial advisors for accurate valuations.
The Top 100 SMEs Project’s objective is to support SMEs in scaling their businesses, offering a platform for dialogue, trends analysis, and growth by providing essential knowledge about the business environment.
The 2024 Top Mid-sized Company Survey that began on 22nd July 2024 up to 31st October 2024, according to organizers is attracting over 200 SMES annually, that showcase remarkable resilience and a commitment to excellence.
