Lira, Uganda | Entrepreneurs in the Lango Sub-region have been urged to embrace strong leadership, prudent financial management, and customer-centred business practices to enable their enterprises to grow sustainably and withstand economic challenges.
The call was made by the Regional Officer for Northern Uganda at Enterprises Uganda, Benson Akenda, during a business empowerment workshop jointly organised by Enterprises Uganda and ABSA Bank Uganda at Margarita Palace Hotel in Lira City.
Addressing participants, Akenda identified five critical pillars that entrepreneurs should prioritise to build successful and resilient businesses. These include strong leadership, recruiting competent and committed staff, establishing efficient operational systems, delivering quality customer care, and maintaining sound financial management. He noted that many businesses collapse because entrepreneurs acquire loans without adequate planning or sufficient business knowledge, leaving them unable to repay borrowed funds and sustain their operations.
“Businesses must be built on proper planning and financial discipline. Entrepreneurs should only borrow after assessing their capacity to invest productively and repay their loans,” he advised.
The manager of ABSA Bank Lira City Branch, Joshua Oder, said the training formed part of the bank’s continued commitment to equipping entrepreneurs with practical knowledge and skills to help them expand their businesses. He encouraged business owners to tap into the numerous business opportunities available within the Lango Sub-region and across Uganda to improve productivity, enhance competitiveness and increase profitability.
Also speaking at the workshop, ABSA Bank Lira Trade and Sales Manager Ivan Kirumira said the bank provides affordable and flexible financing solutions tailored to the needs of entrepreneurs.
However, he expressed concern over the high rate of loan defaults, revealing that in some lending portfolios, nearly 80% of borrowers fail to repay their loans as agreed, a trend he said continues to limit access to credit for many businesses.
The Head of Enterprise and Product Partners at ABSA Bank Uganda, Stella Atim, emphasised that successful entrepreneurship requires commitment, innovation and a long-term vision focused on creating value for both business owners and the communities they serve. She challenged entrepreneurs to remain adaptable and continuously improve their businesses in response to changing market demands.
Meanwhile, the Supervisor for Taxes and Payment Revenue at the Uganda Registration Services Bureau (URSB) Lira Branch, Susan Auma, urged business owners to formally register their enterprises to enhance legal protection and credibility. She explained that business registration, undertaken under the Ministry of Justice and Constitutional Affairs, requires entrepreneurs to reserve unique business names before completing the registration process.
Auma noted that formalising businesses not only safeguards owners’ interests but also improves access to financial services, government programmes, and investment opportunities.
The workshop brought together entrepreneurs from different sectors across the Lango Sub-region and focused on strengthening business management skills, improving financial literacy, and promoting sustainable enterprise growth.
Established in 1927 and headquartered in Johannesburg, South Africa, ABSA Bank is one of Africa’s leading financial institutions and is approaching a century of supporting entrepreneurship and economic development across the continent.
