Pearl Bank, in partnership with Ronalds in Africa, has concluded a three-day bootcamp aimed at encouraging farmers to take advantage of available funding opportunities to scale their operations. The training, which brought together over 30 agri-businesses, climaxed at Skyz Hotel in Naguru.
Agriculture forms one of the pillars of the ATMS (Agro-industrialization, Tourism, Mineral Development, and Science, Technology & Innovation) which are key drivers of the government’s Tenfold Growth Strategy to expand the economy from USD 50 billion to USD 500 billion by 2040, said Pearl Bank’s Regional Head for Greater Kampala, Martin Lukyamuzi.
“Agriculture continues to play a key role in the growth of our economy. The sector employs over 70% of our population who are directly or indirectly involved,” Lukyamuzi said.
Specific to the Agri-SME training held jointly with Pearl Bank, Ronalds in Africa offered technical assistance in business growth, setting up systems, improving governance, becoming funding-ready, and securing larger facilities from funders.
Lukyamuzi noted: “From the bootcamp, where together with Ronalds in Africa we have offered technical assistance training to over 30 Agri-SMEs across the country, we are confident that with the right financing and implementation of what the agri-preneurs were encouraged to do, a tangible impact can be attained and also complement the government’s effort to grow the economy.”
GRO Foundation’s CEO Laban Musinguzi encouraged the farmers to scale their operations by adding value to their produce so that they can tap into existing local and regional trade opportunities through exports.
“At the moment, Uganda is trying to come into the $7-dollar market, but it’s key to know who you are serving and who you are producing for,” Musinguzi said.
Upendo Malikia, Managing Director of Machame Farm, shared how they have been able to grow their farm from 40 acres to 1,300 acres through mechanisation integration, operational diligence, strategic partnerships with suppliers, bookkeeping, and access to financing—including a large-scale facility from Pearl Bank. The expansion has positively impacted the community in Nwoya through employment opportunities and socio-economic transformation.
Lukyamuzi concluded: “We commit to continue designing accessible products and services that not only enable participation in the critical sectors like agriculture, but also create positive outcomes like employment, financial inclusion, food security, trade opportunities within the country, and across the region, which will enable Uganda’s social-economic development.”
As a homegrown bank, Pearl Bank’s purpose is to foster prosperity for Ugandans, which it implements through its two high-impact goals: driving sustainable financial inclusion and stimulating entrepreneurship and enterprise.
