The Stanbic Business Incubator Centre and Uganda Cooperative Alliance (UCA) have signed a memorandum of understanding to help streamline the businesses operations of member societies across the country.
It entails a partnership and collaboration in the development and sustainability of cooperative businesses through enterprise development, specialised training and information dissemination as well as to strengthen the mutual relationships and benefits between the two Parties.
Speaking during the MoU signing ceremony, Tony O. Otoa, the Executive Director Stanbic Business Incubator Limited, said “The Stanbic Business Centre provides an enabling environment for entrepreneurs in small and medium size 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.”
Stanbic Business Incubator Limited established the Business Incubator Centre to promote capacity building and business development services by way of offering training on different business aspects, sharing information and enterprise development.
The facility is contributing towards the promotion of local content by addressing the key challenges facing SMEs in the various sectors of economy.
“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 Ivan Asiimwe, the General Secretary, UCA said the partnership will go a long way in improving financial management and efficiency at the various cooperatives across the country.
Asiimwe said they will also develop mentorship and incubation programmes for their various members in business management designed for the cooperative value-chain and also facilitate business development or partner with cooperatives business partners.
UCA is an umbrella organization for all cooperatives in Uganda established in 1961.