Mercy K Kainobwisho, the Registrar General of the Uganda Registrations Services Bureau (URSB), has appealed to Kampala City Traders Association (KACITA) to encourage its members to formalize their businesses.
Kainobwisho said this is part of efforts aimed at improving Uganda’s ranking in the ease of doing business index as well as being able to access the security interest in movable property registry system (SIMPO) that enables Micro, Small and Medium Enterprises as well as individuals access credit using their movable assets as collateral.
The system was developed in fulfillment of Government of Uganda’s objective in the Second National Development Plan 2015/16 – 2019/20 of reducing interest rates.
“With your visit, we can now strengthen other areas of collaboration and enhance cooperation for the implementation of key interventions for the Kampala City Traders who form the bulk of our clientele,”said Kainobwisho.
“URSB is open to further discussions with KACITA on any other mutually beneficial services for all our clients,” she added.
Kainobwisho was meeting a delegation from the Kampala City Traders Association (KACITA) at the URSB headquarters at Georgina House in Kampala this Friday.
The meeting focused on areas of mutual cooperation and enhanced joint sensitization campaigns across the country.
Registration with the authorities tends to help change the attitude of small business and has the potential to stimulate economic growth.
Many entrepreneurs and small businesses spend so much time focusing on how to evade taxes and filing returns with URSB and this often distracts the entrepreneur from focusing on important business development and growth opportunities.
Informality can stifle entrepreneurship as firms remain small and fragmented deliberately to avoid the attention of government agencies.
“At URSB, we have a deliberate strategy to simplify registration services for our clientele while promoting the country’s competiveness. Our steady rise in ranking is attributed to engagements like the one we are having today,” said Kainobwisho.
On his part, Mr. Abel Mwesigye, the CEO of KACITA congratulated Kainobwisho on her appointment and pledged their continued support and cordial relations.
Mwesigye said formalization of their businesses facilitated by URSB gave confidence to financial institutions to provide additional relief from challenges brought about by Covid 19.
He appealed to the URSB management to expand on the advocacy and training programmes to cover cities outside Kampala. He also requested for implementations of joint initiatives between KACITA and URSB.
The KACITA delegation included Prosy Musoke (Board Member), Brian Ayesigye (Organizing Secretary and founder Bravo Shoes), and Timothy Baguma (Head of Finance).