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FSD Uganda, a valued sponsor at AFSIC – Investing in Africa, in collaboration with African Investments, is set to launch a curated Deal Book showcasing some of Uganda’s most promising, investor-ready businesses. Not just a list of startups, the FSD Uganda Deal Book will be a well-vetted pipeline of high-potential, growth-oriented enterprises across key sectors including agribusiness, fintech, healthcare, clean energy, and manufacturing. These companies are actively raising capital and are prepared to deploy it for scale. FSD Uganda has worked to promote financial inclusion in Uganda, and the UK government has been instrumental in supporting this work through their shared focus on financial sector development.
Can you tell us about FSD Uganda and its work with MSMEs and SMEs in Uganda?
About FSD Uganda
Financial Sector Deepening (FSD) Uganda is an independent not-for-profit organisation and the country’s leading ‘think and do tank’ for financial inclusion and inclusive financial market development. Our mission is to build a more inclusive financial sector that works better for low-income individuals and underserved communities.
We act as a market facilitator, working closely with public and private sector stakeholders to catalyse
innovation in financial products, business models, and supporting infrastructure. Our work also
informs policy, legal, and regulatory reforms that foster a more enabling environment for inclusive
finance.
FSD Uganda is part of a network of ten FSDs across sub-Saharan Africa, all working toward advancing
financial inclusion for the unserved and underserved across the continent.
FSD Uganda’s work with MSMEs and SMEs
FSD Uganda recognises that Micro, Small, and Medium Enterprises (MSMEs) are the backbone of
Uganda’s economy. Through targeted interventions, we partner with stakeholders to improve access
to financial services tailored to the unique needs of MSMEs – enhancing productivity, managing risk,
and driving better business outcomes.
While our early efforts focused primarily on micro and small enterprises, since 2021 we have expanded
our scope to include medium-sized enterprises, particularly those at the growth stage.
One of the biggest challenges facing MSMEs in Uganda is access to appropriate financing. Many
remain credit-constrained and struggle to raise the capital required for investment or job creation.
The mismatch between financing needs and available products is stark: most MSMEs rely on short-term finance, often expensive and unpredictable financing for long-term projects. Although commercial accounts for 96% of private-sector lending, their offerings tend to be high-cost, short-tenured, and inflexible, limiting their effectiveness in supporting sustainable business growth.
To help close this financing gap, FSD Uganda established the Deal Flow Facility (DFF), a technical
assistance and matchmaking initiative designed to connect Ugandan businesses seeking USD 500,000
or more, with patient, long-term growth capital. By supporting investment readiness and facilitating
linkages with potential investors, the DFF is helping businesses unlock the capital they need to scale
sustainably.
The DFF is funded by the European Union (EU), incubated at FSD Uganda, and delivered in partnership
with the Capital Markets Authority (CMA) Uganda.
How is FSD Uganda unlocking private capital in Uganda?
The Deal Flow Facility focuses on established businesses with strong growth potential, supporting
them to become investment-ready and connecting them to appropriate sources of private capital
beyond traditional bank financing.
DFF follows a structured approach: it begins with a rigorous assessment of each business’ capacity to
absorb and qualify for private capital. The facility then delivers a tailored investment readiness
curriculum, offering one-on-one capacity building on the capital raising process, and provides
technical assistance delivered by a pool of expert intermediaries and consultants. Businesses also
benefit from targeted master classes and curated introductions to pre-vetted investors whose
financing solutions align with their needs.
Since its launch, the DFF has received over 300 applications/ The agricultural sector accounting for
60% of these, while financial services and technology represent 30%. The remaining 10% span sectors
such as healthcare and manufacturing account.
To date, four companies have successfully a combined total of USD 6 million in capital with support
from the DFF. Three of these are in the financial services and technology sectors, and one is in
agriculture.
Who is the DFF targeting?
The Deal Flow Facility targets three key groups:
a) SMEs
DFF supports Ugandan companies that meet the following criteria:
- Registered and operating in Uganda
- Seeking to raise USD 500,000 or more in growth capital
- Able to provide at least two years of audited financial statements.
- While the facility focuses on businesses seeking USD 500,000 and above, those looking for
smaller amounts can still benefit from DFF’s knowledge-building activities. Additionally,
the Facility works with MFIs and SACCOs to expand access to capital for early-stage
companies through on-lending.
b) Investors
Alternative investment funds interested in deploying capital in Uganda, whether debt, equity
or mezzanine finance.
c) Intermediaries
Business Development Services providers with experience in supporting SMEs.
Beyond these three primary audiences, the DFF also draws on FSDU’s strengths in research and
market convening to identify systemic barriers to SME investment in Uganda. These insights help
inform policy recommendations and design market-level interventions that increase the flow of
private capital into Uganda’s SME sector.
What new projects are you representing as FSD Uganda at AFSIC 2025 that investors can get excited about?
At this year’s AFSIC- Investing in Africa, African Investments is delighted to collaborate with the Deal
Flow Facility to launch a curated Deal Book showcasing some of Uganda’s most promising, investor-
ready businesses. This is not just a list of startups—it is a well-vetted pipeline of high-potential,
growth-oriented enterprises across key sectors including agribusiness, fintech, healthcare, clean
energy, and manufacturing. These companies are actively raising capital and are prepared to deploy
it for scale.
Over the past several months, we have worked closely with these businesses to ensure they meet
rigorous investment readiness criteria – demonstrating strong fundamentals, scalable models, and
alignment with both commercial returns and sustainable impact.
Whether you’re a venture capitalist, impact investor, or institutional fund manager looking for your
next opportunity in East Africa, this Deal Book provides direct access to a quality pipeline of vetted
Ugandan enterprises eager to grow through strategic capital partnerships.
If you’re attending AFSIC 2025 in search of credible, high-growth SMEs from Uganda, DFF is your
gateway.
For more information, please email Olivia Attenborough at olivia@africaninvestments.co today.
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