Stanbic bank partners with UTB to offer financial literacy to SMEs in the tourism sector

Kampala, Uganda: November 4th, 2020.  Stanbic Bank through its subsidiary the Business Incubator has signed a Memorandum of Understanding with the Uganda Tourism Board (UTB) to provide financial literacy support to Start-ups and SMEs in the tourism sector to ensure development and sustainability of the businesses

 

This partnership brings a unique platform for both entities to jointly develop and implement a series of financial literacy programmes on enterprise development and national content to produce competent, financial solid and skilled entrepreneurs in the tourism sector.

 

According to the MoU, the Stanbic bank Business Incubator will provide financial resources such as expert advisors, mentors, administrative support, office equipment and training for Start-ups and SMEs in the tourism sector and contribute to the development and sustainability of their businesses.

 

Speaking at the MoU signing, the Stanbic Business Incubator executive director Mr. Tony Okao Otoa said, the incubator will mobilize the funds to facilitate incubation activities, for start-ups and SMEs on the tourism business incubation programmes.

 

“The Stanbic Business Incubator will provide an enabling environment for the development of ICT-based solutions for record keeping, business management and performance testing on tourism businesses for wider use and application by SMEs and actors in Tourism,” Mr. Otoa said, adding that “We shall organize and facilitate a joint learning, experience sharing and training sessions for start-ups, SMEs and incubates based on enterprise needs. The training shall be centered to technological innovation, enterprise and business development.”

 

The UTB Chief Executive Officer, Ms. Lilly Ajarova, emphasized that the goal is to continuously develop and grow the tourism industry of Uganda. “Part of this effort is dependent on our private sector, making it imperative that we at UTB create awareness for the available tools that can help in achieving our mutual objectives. We greatly look forward to the amazing things to come out of this partnership,” Ms. Ajarova said.

 

She explained that through the UTB and Stanbic business incubator initiative, collaborations will be formed that will go a long way in contributing to the development and sustainability of the businesses in the Tourism sector through enterprise development, training and information dissemination. This, she added, will further nurture and cement all mutual present and future relationships and benefits.

 

“Given the current times and the immense impact on the Covid-19 pandemic on the Tourism sector in Uganda and beyond, this relationship is well placed to help businesses in the sector create new and existing methods to collectively re-start and drive tourism forward,” Ms. Ajarova added.

 

She observed that the MOU is set to create a strong platform for cooperation and cross-cutting partnerships between entities in different sectors. This, she explained, is bound to help light the spark that will re-ignite the nation, especially in the post COVD-19 era.

 

About Uganda Tourism Board

The Uganda Tourism Board is a Government institution mandated under the Uganda Tourism Act, 2008 to promote Uganda as a preferred destination for both domestic and foreign tourists; enforce and monitor standards in the tourism sector.

 

About Stanbic Bank Uganda

Stanbic Bank Uganda is part of the Standard Bank Group, Africa’s largest bank by assets. Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).

The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres. Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.

Stanbic Bank Uganda provides the full spectrum of financial services. Its Corporate & Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate & Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.

Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.

Stanbic Bank Uganda’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth. For further information, to www.stanbicbank.co.ug