DIGITAL LITERACY BOOST…As Innovation Village, Federation for Small and Medium Enterprises ink deal
By Ambrose Gahene
The Innovation Village (TIV) and the Federation of Small and Medium-Sized Enterprises (FSME) on Tuesday signed a Memorandum of Understanding in Kampala, to Deliver Digital Literacy to Medium and Small Enterprises across Uganda. This partnership aims to address the urgent need for digital skills among small and medium enterprises (SMEs), which account for 90 percent of the business sector in Uganda.
According to the International Finance Corporation (IFC), Medium and Small Enterprises (MSMEs) face significant challenges in accessing finance, markets, and technology in Africa and in Uganda alone, MSMEs account for 75 percent of private sector employment, yet only 16 percent have access to formal finance. This lack of access to resources, combined with the impact of the COVID-19 pandemic and several other challenges has created a need for innovative solutions to support MSMEs and enable them to build resilience and grow their businesses.
Speaking during the MoU signing event at the Innovation Village in Ntinda, Arthur Mukembo, the Future Lab Lead at the Innovation village said: “The partnership is under the Digital Economy program which we are implementing with Mastercard Foundation, our partners. Some of the objectives of this partnership include; designing and implementing digital skilling programs that will support the growth and business resilience of medium and small enterprises, delivering innovation capacity building while supporting the FSMEs members with designing, refining, and implementing innovation strategies that promote business growth and create jobs for young people.”
He is optimistic this is going to be achieved by building a reporting dashboard tool for FSME as part of a capacity building and institutional strengthening initiative.
The executive director of FSME’s, John Kakungulu Walugembe, emphasized the importance of this partnership and how it is going to benefit medium and small enterprises. He explained that by increasing efficiency and productivity for medium and small enterprises to automate tasks and streamline operations, they are heading towards higher productivity and profitability.
“We are glad to partner with the Innovation Village and equally excited to be championing MSMEs resilience, competitiveness and sustainability in this burgeoning digital economy,” he added.
Saul Weikama, the Digital Economy Practice lead at the Innovation Village, explained that the Digital Economy program has the potential to transform the way medium and small enterprises (MSMEs) operate and access markets, as many lack digital literacy and skills needed to take full advantage of these opportunities.
“FSME and TIV partnership comes in, offering MSMEs access to digital literacy campaigns, technology solutions providers, financial services, business development services (BDS), and resilience support,” he said.
According to Waikama, by building digital literacy among MSMEs, this partnership is expected to increase their participation in the digital economy program and ultimately lead to greater financial inclusion, business growth, and job creation.
“The partnership between The Innovation Village (TIV) and the Federation of Small and Medium-sized Enterprises (FSME) is a significant step towards empowering and supporting MSMEs in Uganda. This is by leveraging the recently launched Digital Economy Program at The Innovation Village,” he added.
It’s envisaged that through digital skilling programs and innovative digital solutions, MSMEs will have access to the resources and tools needed to grow their businesses, create jobs and build resilience in the face of challenges which will lead to creating new opportunities for growth and job creation in the country while serving last mile users.
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