WITH THE SUPPORT OF
Uganda’s micro and small enterprises (MSEs) are central to the country’s economy. They make up nearly 90% of private-sector firms, employ more than 2.5 million people, and generate around 75% of GDP. But the finance system is still not reaching many of them. Only 9–10% of MSEs have a formal loan or line of credit.
The UNCDF Uganda Innovation Fund is working to close that gap by backing Ugandan innovators building practical, financial and digital solutions for underserved entrepreneurs, especially youth- and women-led MSEs. The Fund combines returnable grant capital with targeted technical assistance. This gives ventures the flexible catalytic finance, delivery support, and performance discipline they need to test, refine, and scale solutions in the market.
The portfolio spans some of Uganda’s most important growth areas, including savings-group finance, agricultural input credit, digital skills and e-commerce, Savings and Credit Cooperative Organization (SACCO) infrastructure, and financial tools for small businesses.
Caribou is partnering with UNCDF to help turn this finance model into a strong implementation platform. We manage the Fund’s delivery end-to-end, from due diligence, grant structuring, and technical assistance to evidence systems that track delivery, learning, and impact.
As the Fund moves from design into delivery, Caribou is supporting UNCDF to put returnable grant capital into practice. That means backing strong local solutions, managing risk in real time, and adapting the model as evidence emerges from the market. The result is a practical, learning-driven fund designed to expand responsible finance for the entrepreneurs driving Uganda’s next wave of inclusive growth.
