In the bustling city of Mbale, Uganda, the TUPANGE Business Ne Equity Bank event brought together entrepreneurs, dreamers, and innovators under the warm glow of a shared vision: to unlock the potential of small and medium enterprises (SMEs). Speaker after speaker – which included Claver Serumaga (Executive Director, Commercial – Equity Bank), Ms. Olivia Mugaba (Head of SME, Equity Bank), Mr. Saleh Naminya (Managing Director of Casa Uganda Safaris & Lodges), Mr. Odoki Richard (Lecturer at Uganda Martyrs University), and Mr. Natalisile James (MTA) – shared hard-earned wisdom told through experiences of resilience, collaboration, and innovation. The TUPANGE Business Ne Equity Bank event in Mbale focused on unlocking business growth through value chain financing, digital transformation, and strategic partnerships, with a particular emphasis on supporting small and medium enterprises (SMEs). These are the eight transformative lessons that lit a spark in the hearts of Mbale’s business community.

1. Scaling Up Businesses: The speakers emphasized the importance of scaling businesses through financial and technical support. SMEs need to grow beyond stagnant operations by accessing tailored financial products and expertise to manage challenges like human resources, compliance with URA and NSSF regulations and operational efficiency. Scaling requires the right personnel and technical support to ensure sustainability.
2. Value Chain Financing: The discussion highlighted the critical role of value chain financing in enabling SMEs to meet large contracts and sustain operations. By financing the entire supply chain—from input suppliers to distributors—businesses can reduce risks, manage cash flow, and seize opportunities. Examples included stock financing and credit lines accessible via mobile phones, allowing businesses to pay suppliers promptly and maintain trust.
3. Digital Transformation and Accessibility: Speakers stressed the need for SMEs to adopt digital tools, such as point-of-sale machines and mobile banking, to cater to international customers and streamline operations. Digitalization enables businesses to track performance, make payments, and access markets efficiently. The speakers noted that modern businesses must move beyond outdated methods to remain competitive.
4. Partnerships and Ecosystem Collaboration: The discussion underscored the importance of building partnerships within and across sectors (e.g., tourism, agriculture, and manufacturing). Collaborating with suppliers, distributors, and financial institutions creates a robust ecosystem that supports growth. For instance, tourism businesses benefit from reliable transport and quality produce, which require strong value chain linkages.
5. Tax Compliance and Government Benefits: Compliance with tax regulations and formal registration were highlighted as essential for SMEs to access government incentives and exemptions. Various speakers referenced the need to understand tax policies and maintain proper accounting to benefit from opportunities in sectors like tourism, agriculture, and health.
6. Knowledge and Financial Literacy: The event emphasized that knowledge is power for entrepreneurs. SMEs need to seek financial literacy training and consult experts to navigate policies, avoid common pitfalls like hiring unqualified relatives, and making informed decisions. Equity Bank Uganda was praised for offering not just financing but also business advisory services.
7. Sustainability and Market Access: The discussion addressed Uganda’s high SME failure rate (53%) due to inadequate working capital and market access. Innovative financing solutions, such as invoice financing and tailored credit lines, were presented as ways to address these gaps. Speakers also highlighted the importance of accessing international markets, such as through trade fairs, to grow businesses.
8. Case Studies and Practical Solutions: Real local examples included a business supported by Equity Bank Uganda that grew from a Shs20 million to a Shs100 million credit line through consistent performance and partnerships with anchor clients like Coca-Cola. Such success stories demonstrated how value chain financing and trust-based relationships can drive SME growth.

Overall, the event encouraged SMEs to embrace digital tools, comply with regulations, build strategic partnerships, and leverage tailored financial solutions to overcome growth barriers and thrive in a competitive environment. The engagements, enriched by various contributions from several speakers, inspired attendees to pursue sustainable growth through collaboration and innovation.

The next TUPANGE Business Ne Equity event takes place in Arua on Thursday, August 21, 2025.

Stories Continues after ad

The Government of Uganda has secured a major financial boost after successfully concluding a €270 million (approximately Shs1.1 trillion) 10-year loan facility with the African Export–Import Bank (Afrexim Bank) to finance a wide range of development and infrastructure projects under the 2024/25 national budget.

Announcing the loan agreement, Finance Minister Matia Kasaija emphasized its significance in bridging Uganda’s financing gaps in critical sectors.

“The facility is targeted towards financing of investments in infrastructure and human capital development in the budget, to support sustainable growth and socioeconomic transformation,” Kasaija said.

According to the Ministry of Finance, the funds will be channeled into government programs that directly drive value addition and long-term economic growth. These include agriculture modernization, support to the oil and gas sector, electricity generation and distribution, development of export processing zones and industrial parks, as well as expansion and maintenance of Uganda’s transport network, including roads, railways, and ports.

“This financing is an indication of the capacity of an African development financial institution like Afrexim Bank among others to support African strategies and development objectives,” Kasaija noted.

He added, “This is a clear demonstration of the Bank’s relevance to Uganda and the African continent, as well as an expression of its confidence in delivering solutions tailored to the requirements of its member countries.”

Beyond supporting Uganda’s national development priorities, Afrexim Bank is also deepening its presence in East Africa by establishing its regional headquarters in Kampala. The East Africa Regional Office, currently under construction along Yusuf Lule Road, will host the Africa Trade Centre (ATC), a facility designed to serve as a hub for trade-related financing activities across the region.

Kasaija described this as a strong endorsement of Uganda’s role as a strategic trade gateway in the region.

“These investments signify the Afrexim Bank’s strong confidence in the Government of Uganda and our shared vision of promoting trade and development in Africa,” he said.

The new facility will ease pressure on Uganda’s domestic resources at a time when the government is grappling with high infrastructure demands and limited fiscal space. The loan is expected to accelerate completion of key national projects, while also boosting industrialization and export competitiveness.

Officials further argue that by directing funds to high-return sectors such as energy, agriculture and manufacturing, Uganda stands to reduce its trade deficit and create more jobs for its young population.

Uganda has in recent years partnered with Afrexim Bank on several financing agreements aimed at stimulating economic transformation. The bank has emerged as one of the leading African institutions supporting large-scale infrastructure and trade financing on the continent, complementing other international lenders.

Stories Continues after ad

Uganda’s economy demonstrated continued resilience in July 2025, supported by stable inflation, robust private sector activity, and prudent fiscal operations, according to the latest Monthly Economic Report from the Ministry of Finance, Planning, and Economic Development (MoFPED).

The report indicates that headline inflation eased slightly to 3.8 percent in July, down from 3.9 percent in June, primarily due to a decline in food crop prices. A strong harvest season led to price reductions for key staples, including cabbage, tomatoes, peas, and citrus fruits, which helped ease pressure on household spending. Core inflation also declined marginally to 4.1 percent, driven by falling costs in services such as transport and accommodation.

The Ministry attributed the drop to continued decreases in fuel prices and stable electricity tariffs. “Government reforms in the fuel importation regime, managed by the Uganda National Oil Company (UNOC), are playing a key role in maintaining cost stability,” the report noted.

Economic momentum picked up, with the Composite Index of Economic Activity (CIEA) increasing by 1.1 percent in June, a marked improvement from the 0.3 percent growth recorded in May. Private sector confidence remained strong, as reflected in the Purchasing Managers’ Index (PMI), which posted 53.6 – comfortably above the 50-point threshold indicating expansion. While this was a slight dip from June’s reading of 55.6, the Ministry explained it was “largely due to rising input costs.” Despite this, “employment and output grew across all sectors except manufacturing.” The Business Tendency Index (BTI) also painted a positive picture, standing at 58.3. The Ministry noted that this figure reflects “sustained optimism regarding future orders and employment across agriculture, services, construction, manufacturing, and retail.”

The Uganda Shilling strengthened for the fourth consecutive month, gaining 0.5 percent against the US Dollar and 0.6 percent against the Pound Sterling. “This appreciation is being driven by increased offshore investment, improved coffee export earnings, and confidence in Uganda’s macroeconomic policies,” the report highlighted. However, the Shilling slipped by 1.0 percent against the Euro during the same period.

The Central Bank Rate (CBR) remained unchanged at 9.75 percent for the tenth consecutive month, underscoring the Bank of Uganda’s commitment to balancing inflation management with economic growth. Commercial lending rates, however, edged higher. Shilling-denominated loans averaged 19.07 percent, up from 18.64 percent in May, while foreign currency lending rates rose to 8.78 percent. The report cited “increased risk perceptions in sectors such as telecommunications and real estate” as key factors behind the uptick.

Private sector credit continued its upward trajectory, growing by 7.5 percent year-on-year to Shs23.9 trillion. This expansion was underpinned by improved business sentiment and a GDP growth rate of 6.3 percent for the financial year 2024/25.

“Much of the lending in June was directed towards personal and household consumption, trade, and agriculture,” the Ministry noted.

The Government raised Shs2.69 trillion from domestic markets in July through the issuance of Treasury Bills and Bonds.

“Investor appetite remained strong, resulting in oversubscription of Treasury auctions,” the report stated.

Yields on the 91-day and 364-day bills fell to 11.6 percent and 15.3 percent, respectively. On the fiscal side, Uganda recorded a narrower-than-expected deficit of Shs1.46 trillion, attributed to better revenue performance and restrained expenditure. Total revenue and grants amounted to Shs2.54 trillion, surpassing projections, thanks to buoyant corporate tax collections and a Shs168 billion disbursement from the World Bank to support the INVEST project.

Merchandise exports surged by 64.3 percent year-on-year to $1.15 billion in June 2025. However, Uganda’s trade deficit widened to $ 272.9 million, an 11.4 percent increase from June 2024, as import volumes, particularly of oil, mineral products, and base metals, outpaced export growth. Coffee exports continued to shine, with volumes rising by nearly 28 percent month-on-month, offsetting a modest dip in global prices.

“The Middle East remained Uganda’s top export destination, with mineral and coffee shipments to the UAE driving volumes,” the Ministry stated.

Nonetheless, intra-regional trade performance was less favourable. Exports to the East African Community (EAC) declined by 4 percent in June, while imports from the region increased, leading to a $209.5 million trade deficit with EAC partners. The Ministry attributed this to “non-compliance with regional trade protocols and the emergence of new trade barriers.”

Uganda’s inflation trajectory in July mirrored that of Rwanda, which also saw a decline to 7.2 percent. Conversely, Kenya and Tanzania either experienced marginal increases or stable inflation rates. Uganda, Kenya, and Tanzania all registered modest currency gains against the US Dollar, in contrast to continued depreciation in Burundi and Rwanda.

MoFPED concluded that July’s economic indicators reflect “a cautiously optimistic outlook.” With inflation broadly under control, private sector dynamism, and strong fiscal discipline, Uganda appears well-positioned to navigate ongoing global and regional economic uncertainties. However, it warned of emerging risks: “Widening trade imbalances, particularly within the EAC bloc, and rising borrowing costs remain key vulnerabilities that will require close monitoring in the coming months.”

Stories Continues after ad

Tycoon Sudhir unveils RR Pearl Tower One as an honor to his late son Rajiv Ruparelia

Kampala’s skyline has received a striking new landmark with the unveiling of RR Pearl Tower One, a 25-storey Grade A office building developed by business magnate Sudhir Ruparelia. The tower, situated on Yusuf Lule Road, marks the first phase of the ambitious Pearl Business Park project, blending commercial ambition with personal remembrance.

The skyscraper, designed to transform the city’s central business district, will host modern office spaces, conferencing facilities, and premium amenities aimed at attracting both local and international tenants. More than just a boost to Kampala’s commercial landscape, the tower carries a deeply emotional significance for the Ruparelia family.

The initials “RR” in its name honor Sudhir’s late son, Rajiv Ruparelia, who died tragically in a car crash on May 3, 2025. Rajiv, remembered for his energy, vision, and commitment to the family business, had been actively involved in real estate, hospitality, and philanthropic ventures within the Ruparelia Group.

“RR Pearl Tower One is more than a structure; it is a symbol of memory and hope,” Sudhir said at the launch, where Rajiv’s mother, Jyotsna Ruparelia, lit a symbolic candle before the unveiling of the tower’s plaque.

Family members and close associates see the development as a living tribute to Rajiv’s legacy. Often described as “the modern face of the Ruparelia Empire,” Rajiv’s forward-looking approach positioned him as a rising leader in Uganda’s business community before his untimely death.

The unveiling of the tower is expected to have a significant impact on Kampala’s economy, creating jobs, attracting investment, and providing high-end business spaces that rival regional standards. For the city, the tower reshapes the urban skyline with a modern landmark. For the Ruparelia family, it ensures that Rajiv’s spirit and aspirations remain alive, immortalized in the very heart of the capital.

Standing tall over Kampala, RR Pearl Tower One is both a beacon of commercial progress and a monument of remembrance, a lasting testament to a young life cut short and a family’s enduring commitment to legacy.

Stories Continues after ad

The bustling city of Mbale came alive on Tuesday,19, as Equity Bank Uganda hosted the first regional edition of the TUPANGE Business Ne Equity Nationwide Forum, following a successful launch in Kampala last week. 

Held under the theme “Financing Integrated Value Chains and SME Growth,” the forum drew more than 500 entrepreneurs, SME owners, and innovators eager to explore new opportunities for growth and sustainability.

The event featured inspiring stories of resilience and transformation, with keynote speaker Mr. Saleh Naminya, Managing Director of Casa Uganda Safaris & Lodges, sharing his remarkable journey from a schoolteacher to a successful tourism entrepreneur.

“I started small, but with determination and collaboration, Casa Uganda thrives today,” he said. “No business stands alone. Our success depends on farmers, furniture makers, transporters, and financiers. Equity Bank’s value chain financing has been key in reducing risks and turning opportunities into reality.”

Mr. Claver Serumaga, Executive Director of Commercial Banking at Equity Bank, reaffirmed the bank’s mission to drive prosperity by empowering SMEs, which he described as the backbone of Uganda’s economy.

“SMEs create seven out of ten jobs globally. Supporting them means supporting national growth,” he said. 

He added, “Equity offers unsecured supplier financing of up to Shs1.5–3 billion, digital platforms like Equity Online for seamless payments, and retrained staff committed to integrity and excellent service.”

The forum distilled eight key lessons for business growth, delivered by panelists including Ms. Olivia Mugaba, Head of SME at Equity Bank; Mr. Odoki Richard, lecturer at Uganda Martyrs University; and Mr. Natalisile James from the Ministry of Trade and Agriculture. These included scaling through tailored financial and technical support, leveraging digital tools to reach international clients, and embracing tax compliance to access government incentives.

One speaker cautioned entrepreneurs against informality, noting, “If you’re not registered, you’re invisible to opportunity.”

The forum also addressed Uganda’s high SME failure rate—estimated at 53%—often linked to limited working capital and market access. Equity Bank showcased practical solutions such as invoice financing and mobile-accessible credit lines. A local case study highlighted a business that grew its credit line from Shs20 million to Shs100 million by partnering with anchor clients like Coca-Cola.

“We don’t just finance businesses; we walk the journey with you,” Serumaga emphasized, urging SMEs to embrace collaboration within value chain ecosystems.

Naminya echoed the call for partnerships, “My lodges need quality produce, reliable transport, and social media marketing. We must collaborate across sectors and use platforms like Equity’s Trade and Investment Tours to access global markets.”

The Mbale edition marked the first of four regional stops on the 2025 TUPANGE Business Ne Equity tour. The next forums will be held in Arua on August 21, Fort Portal on September 2, and Hoima on September 9.

Equity Bank says it aims to support more than 1,000 SMEs nationwide by year-end, with a focus on creating inclusive value chains that foster prosperity.

“When SMEs thrive, the nation prospers. In Mbale, that vision was not just spoken, it was felt,” said Serumaga.

Stories Continues after ad