The United Bank for Africa (Uganda) has expressed willingness to support aspiring Ugandan entrepreneurs in the Tony Elumelu Foundation (TEF) programs.
This was revealed by the bank’s head of retail, Paul Luyiima on Saturday during a training organised for applicants on how to successfully apply and receive funding for their business in the 2019 TEF Application Drive.
“We express our readiness to support those who succeed and receive the fund. Keeping track of them helps us know the performance of the program,” Paul said on Saturday.
The TEF is now accepting applications for the 2019 cohort of the TEF Entrepreneurship Programme.
Paul added, “Uganda is ranked among the most entrepreneurial countries in the world. But we also know that businesses cant be challenging to maintain and thats why we are ready to step in and render support to the success stories.”
The training was organized in partnership with two former TEF Entrepreneurs, Kenneth Twesigye (Techbuzz) and Rachael Rwantale, who operate successful capacity building programs.
Both of them addressed the session.
The TEF Programme is a 10-year, $100 million commitment to identify, train, mentor and fund 10,000 African entrepreneurs. The Programme’s objective is to generate at least 1,000,000 new jobs and create at least $10 billion in new business revenue across Africa. Now in its 5th year, the TEF Entrepreneurship Programme has empowered 4,470 entrepreneurs, using a bespoke and robust selection, training and implementation process to create visible and sustainable impact across all 54 African countries.
In 2018 over 2,210 Ugandans entrepreneurs applied for the program, ranking Uganda the third highest after Nigeria and Kenya in submissions. Over 126 Ugandan applicants were successful and received in the USD 5000, seed capital in 2018. Since inception over 300 Ugandan entrepreneurs have benefited from the program.
Inspired by Tony Elumelu’s economic philosophy of Africapitalism and his vision to institutionalise luck and democratise opportunity for a new generation of African entrepreneurs, the Foundation has implemented one of the most ambitious entrepreneurship programmes globally. Selected entrepreneurs from previous years have transformed their businesses and their communities after gaining from the Programme’s 7 pillars: $5,000 in seed capital; business development training; one-on-one mentoring; access to TEFConnect; pan-African meetups; TEF network membership; and participation at the annual TEF Entrepreneurship Forum, the largest convening of the African entrepreneurship ecosystem.
Founder and UBA Chairperson, Tony O. Elumelu, CON, stated: “The private sector must be the core driver of Africa’s economic transformation, but this sector cannot attain its full potential if entrepreneurs are left behind. We call on all stakeholders – policymakers, business leaders and development agencies – to actively commit to creating a better future for our young Africans who have demonstrated intellect, skill, and passion, to empower them to succeed because their success is Africa’s success. The TEF Entrepreneurship Programme is by far the most impactful project of my life and represents my commitment to transforming Africa through entrepreneurship”.