Small and Medium Enterprises (SMEs) in Uganda are being encouraged to adopt risk management tools, including digital solutions and strong financial practices, to better anticipate and mitigate potential threats.
The call comes in light of the increasingly volatile business environment, particularly in high-stakes sectors like oil and gas.
The message was delivered at an event organised by the Stanbic Business Incubator Limited (SBIL) over the weekend at SBIL Kololo in Kampala themed “Risk Management and Resilience: Leaving No One Behind.”
The event attracted hundreds of participants, including entrepreneurs, industry experts, and key stakeholders, all focused on developing adaptive strategies for inclusive business growth through knowledge-sharing, mentorship, and networking.
Peninah Aheebwa, Director of Economic and National Content Monitoring at the Petroleum Authority of Uganda (PAU), said they were committed to fostering resilient businesses and sustainable development within Uganda’s entrepreneurial ecosystem.
She urged collaboration among government, financial institutions, and the private sector to create a supportive environment for SMEs to effectively manage risks.
Aheebwa also highlighted the importance of joint ventures and diversification for Ugandan businesses seeking to engage with the numerous opportunities in the oil and gas sector.
Rutabanzibwa Lwanga, Head of Non-Financial Risk at Stanbic Bank Uganda, who delivered a master class on risk management, stressed the need for businesses to not only remain optimistic but also to recognise and manage risks responsibly.
He noted that investing in risk management tools, such as robust financial systems and digital solutions, is crucial for ensuring business continuity.
He suggested a structured approach to risk management that includes identifying risks, developing mitigation measures, and fostering a culture of learning and adaptation.
Catherine Poran, Chief Executive of SBIL, underscored the incubator’s role in empowering entrepreneurs to navigate challenges.
“At the Stanbic Business Incubator, we are committed to providing tailored capacity-building programmes that enhance access to finance, markets, and operational skills,” she said.
Poran encouraged business founders to mitigate human risk by hiring the right talent to support their operations and ensure sustainability.
Timothy Ssemakadde, Country Manager of McDermott, discussed the procurement and contracting processes for local content companies in Uganda’s oil and gas sector.
He explained how McDermott addresses financial risks for local contractors by breaking projects into manageable scopes and providing upfront payments to improve cash flow.
Harold Ssemakadde, founder of Global Trotters, expressed gratitude for the incubator’s support, sharing his journey over the past six years.
He advised fellow entrepreneurs to engage with established financial institutions like Stanbic Bank as part of their risk management strategy and to maintain financial discipline, warning against the dangers of misallocating funds.
The event also featured engaging panel discussions, interactive Question and Answer (Q&A) sessions, and valuable networking opportunities.
Participants were encouraged to utilise platforms like the Stanbic Business Incubator to enhance their resilience and adaptability, equipping them to navigate challenges and seize new opportunities in the evolving business landscape.
This initiative aligns with Uganda’s National Development Plan III and the Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 8 (Decent Work and Economic Growth), with a focus on inclusive growth and empowering marginalized groups such as women and youth.
