Jinja. Kenya Commercial Bank (KCB) has invested Sh1b in their corporate social responsibility programme towards communities in the areas of health, education, humanitarian support and enterprise development.
This was disclosed by the bank brand and communication manager, Mr Emmanuel Njuki, during the closure of a two-day training of 34 micro, small and medium entrepreneurs (MSMEs) from Busoga sub-region in Jinja Town last week.
The training, which attracted participants who deal in crafts, food processing, metal fabrication, electronics and shop vendors, was organised by the Uganda small scale industries association in conjunction with the KCB Uganda. It is aimed at equipping them with various skills to boost their businesses.
Mr Njuki said since the MSMEs sector is the driver of Uganda’s economy, entrepreneurs need to be trained in business management, marketing, recording keeping, business planning including costing and pricing.
“This sector is the driver of our economy, hence the need to empower and educate them on how to keep books of record, manage their businesses, costing and how to handle their existing customers and new ones,” Mr Njuki said.
He explained that such entrepreneurship trainings are held annually and this year, 340 entrepreneurs across the country had been trained to help them expand as well as improve their capital worth.
Mr David Mulya, a consultant with Business Development Services and master trainer entrepreneur with the International Labour Organisation, said lack of record keeping has been identified as one of the causes leading to the collapse of businesses among MSMEs in Busoga sub-region.
Mr Mulya said many MSMEs collapse due to lack of proper record keeping, something that needs immediate intervention by all stakeholders.
“It is not only money which determines business, but record keeping helps personal auditing for business sustainability because an entrepreneur can be able to separate profits from capital to save it from collapsing,” he said.