Uganda’s business landscape is dominated by Small and Medium Enterprises (SMEs), which play a crucial role in the country’s economic growth and GDP. Despite their significance, many SMEs struggle to survive past their first or second year due to challenges such as limited financial resources, inadequate infrastructure, and insufficient access to broader markets.
Today, Daily Monitor, KPMG, and partners including Innovation Village, Equity Bank, and Uganda Securities Exchange, launched the 16th edition of the #Top100SMEs survey under the theme “Empowering SMEs for a Monetized Uganda: Catalyzing Growth through Innovation, Sustainability, and Market Access.”
Peter Kyambadde, partner at KPMG Uganda, said that the Top 100 SME Survey aims to gain a deeper understanding of Uganda’s SME landscape and explore ways to help indigenous SMEs expand their brands beyond local boundaries. “The survey is designed to create a comprehensive industry database, facilitate access to critical market growth opportunities, assist policymakers in informed decision-making, and provide a platform for collaboration and interaction among industry partners and other stakeholders.”
In her opening remarks, Susan Nsibirwa, Managing Director of Nation Media Group, highlighted the importance of building business resilience through innovation. She stressed that in today’s uncertain global economic environment, businesses must continually adapt and innovate to stay competitive.
“Innovation goes beyond creating new products or services; it involves improving business processes, enhancing customer experiences, and finding more efficient ways to operate. By integrating innovation into core strategies, SMEs can better withstand market fluctuations, respond to evolving consumer demands, and seize new growth opportunities,” she Said
Nsibirwa further noted that fostering an innovative mindset is crucial for overcoming barriers such as limited market access and financial constraints, ensuring that SMEs not only survive but thrive and contribute to the country’s economic development and stability.
Arthur Mukembo, Future Lab Lead at Innovation Village, emphasized that while innovation is essential for business scalability, it is not sufficient on its own. Access to markets beyond local boundaries is vital for SME growth and sustainability.
“While innovation drives business development and competitive advantage, market access is what sustains and scales these businesses. Without the ability to reach customers beyond their immediate environment, SMEs miss out on vital opportunities for revenue growth and diversification,” Mukembo said.
Mukembo said enhancing market access requires improvements in physical and digital infrastructure, navigating regulatory environments, and fostering partnerships that open doors to regional and international markets. Today the African Continental Free Trade Area (AfCFTA) offers a significant opportunity for Ugandan SMEs to reach a global audience, overcoming geographical limitations and unlocking new revenue streams.
The path toward monetizing Uganda’s SME sector demands a collective effort from all ecosystem stakeholders, starting with policymakers.
According to Edgar Mukasa, Associate Director, Tax and Regulatory Services, KPMG Uganda, “This financial year, the government has outlined four strategic economic drivers including Agro-Industrialization Development and Value Addition, Tourism Development, a Knowledge-Based Economy through Science, Innovation, and Technology, and Mineral-Based Industrial Development. By focusing on these areas, Uganda aims to build a resilient economy capable of handling global economic uncertainties, creating sustainable jobs, and improving the quality of life for its citizens. SMEs are encouraged to align their business strategies with these national growth priorities to contribute to the country’s economic prosperity, Mukasa emphasized.
