A total of 27 Young Ugandan entrepreneurs are to receive 5000$ each as a non-refundable capital courtesy of a Nigerian-based NGO dubbed Tony Elumelu Foundation (TEF).
The 27 are part of the 1,104 beneficiaries from 54 African countries who are the 10th cohort that will also get mentorship and training in the year (2024)to boost their businesses.
While unveiling the winners, the Founder of TEF and also Chairman of United Bank For Africa Group Tony Elumelu stated that since the commencement of the initiative, there have been several reforms including empowering African entrepreneurs, driving poverty eradication, and catalyzing job creation across all the 54 African countries.
“To date, over 20,000 young men and women from across Africa have received over $100 million in support of their program, this is a big achievement to all the 54 African countries”, Elumelu said.
In her remarks about the development, Hoziana Niyonsaba, the Head of Marketing and Corporate Communications at United Bank For Africa Uganda revealed that since 2015 to date, 997 Ugandans have benefited from this Tony Elumelu Foundation initiative.
Niyonsaba added that the businesses of the previous winners are still performing well, noting that these are in various areas including technology, beauty, fashion, and agriculture among others.
The President of Tony Elumelu Foundation in Uganda who was also once a beneficiary, Faith Kwera applauded the organization for taking on this role of financially empowering entrepreneurs and further advised winners to use the money appropriately so that they get in positions of employing more youth.
