By THE INDEPENDENT UG
Kampala, Uganda | THE INDEPENDENT | A total of 27 Ugandans have secured funding support amounting to US$5,000 (approximately Shs20 million at the current exchange rate) for the 2024 10th cohort, a decrease from over 209 winners in 2022, as announced by the Foundation’s chairman on March 22.
Hoziana Niyonsaba Ssemanda, the head of marketing and communications at United Bank for Africa – owned by the Foundation’s chairman – informed journalists in Kampala on March 22 that over 500 Ugandans applied for funding for the 10th cohort.
The winners for 2024 are in the sectors of manufacturing, fashion, and others, and will receive funding through UBA. Niyonsaba stated that the bank maintains constant communication with the beneficiaries, offering financial and non-financial support to ensure the sustainability of their enterprises.
The Tony Elumelu Foundation (TEF) is the leading philanthropy empowering African entrepreneurs across 54 African countries.
The new beneficiaries form the 10th cohort of the 10-year-long TEF Entrepreneurship Programme.
The Tony Elumelu Foundation has consistently demonstrated its belief in the potential of young Africans to transform the African continent.
This conviction has led to its transformative impact – thousands of young men and women entrepreneurs across all 54 African countries have been empowered through its flagship Entrepreneurship Programme.
The beneficiaries have received world-class business training, mentorship, coaching, and funding, in addition to lifelong access to the prestigious TEF Alumni Network.
To date, the Foundation has disbursed US$100 million directly into the hands of young African entrepreneurs, who have, in turn, created over 400,000 direct and indirect jobs, significantly contributing to Africa’s economic growth and development.
The Foundation has also provided capacity-building support, advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship-support platform, TEFConnect.
“The upcoming announcement reaffirms our commitment to supporting entrepreneurship as a catalyst for driving poverty eradication, catalyzing job creation across all 54 African countries, and increasing women’s economic empowerment,” Elumelu said.
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