How Equity Bank Transformed Allan Mwesigwa’s career journey

Allan Mwesigwa, a 32-year-old from Gita-Nabutaka village in Nangabo town council, Wakiso district, started his entrepreneurial journey after losing his sponsor and turning to motorcycle taxis for income. After an accident, he found himself working in a brooder, caring for chicks, which led him to start his briquette-making venture. He transitioned from charcoal residue to plant materials and environmentally friendly materials, focusing on protecting the environment.

A financial literacy training session at Equity Bank led to the discovery of Youth Loan products offered by Equity Bank and Mastercard. With the help of group members and a supportive credit officer, Mwesigwa applied for a loan of UGX 3,000,000, which allowed him to invest in a solar dryer and buy more raw materials, significantly increasing production capacity. The business grew from 200 briquettes biweekly to 1000 briquettes daily.

The success of his initial investment allowed for further expansion, with a second loan of UGX 3,000,000 enabling him to establish a business structure, increase production, and build a home for his family. Subsequent loans allowed for diversification of his product line, including energy-saving stove production. Additionally, he invested in transportation, purchasing an engine for a tricycle for product delivery.

As his business flourished, employment opportunities increased, providing steady employment to four young people and three casual laborers. Through prudent management and hard work, Mwesigwa’s capital has grown exponentially from UGX 2,000,000 to UGX 25,000,000, thanks to investments in essential machinery such as grinders, welding machines, and briquette-making equipment.

Mwesigwa remains grateful to Equity Bank for their timely intervention in addressing his capital needs, despite his aspiration for business automation.

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The post How Equity Bank Transformed Allan Mwesigwa’s career journey appeared first on Watchdog Uganda.

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