Equity bank and Uganda National oil company sign a memorandum of understanding inorder to support SMEs.

Equity Bank Uganda and the Uganda National Oil Company (UNOC) signed a Memorandum of Understanding on wednesday, to facilitate and strengthen collaboration between the two entities in the areas of financing and enterprise development specifically for MSMEs, clean energy use and environmental conservation sectors. Also, financing will be supplied in support of farmers, education and training for young people and more affordable and accessible health systems for all.

Speaking during the signing ceremony which took place at the Kampala Serena Hotel during the 8th Annual Oil and Gas Convention, Equity Group Holdings Plc Group Managing Director, and CEO Dr. James Mwangi, said this was a huge opportunity for Ugandans at large to focus on wealth creation as a shortcut to development attainment.

 “The opportunity for Ugandans and the entire region to benefit from the wealth creation possible around the development of the oil and gas sector and all of its support sectors is significant. Wealth creation is the quickest tool to lift our people from poverty and the needs of the oil and gas sector will serve as this vehicle.” he said

He mentioned that the  MOU brings the two organisations together as promoters of development of the oil industry in Uganda, representing national interest, the Government and the people of Uganda and of a regional financial group that has the capability and knowledge to allow citizens to participate in economic activities and to ensure that the oil industry and development is fully integrated into the economy so that there can be a fairer distribution of income and the benefit of the oil industry development.

Through programs run by the Equity Group Foundation such as Young Africa Works, the parties shall work to scale up financial inclusion and shared prosperity through financial literacy to the population in the oil region, especially women and youth, support for farmers providing food for the ecosystem, health services for supply chain workers, and educational scholarships and leadership opportunities for young scholars.

It will also see the parties provide training in financial education and business management skills to facilitate access to finance for the MSMEs and the matchmaking of joint venture partnerships for players in the oil and gas value chains to enhance collaboration and greater capacity.