Ugandan Entrepreneurs Triumph: 27 Win Tony Elumelu Support

In a recent announcement made on March 22, the chairman of the Tony Elumelu Foundation revealed that a total of 27 Ugandans have been selected as beneficiaries for the 2024 10th cohort, receiving funding support amounting to US$5,000 each (approximately Shs20 million at the current exchange rate). This number is notably lower than the 209 winners selected for the 2022 cohort. Hoziana Niyonsaba Ssemanda, the head of marketing and communications at United Bank For Africa, which is owned by the Foundation’s chairman, disclosed this information during a press briefing in Kampala. He further stated that over 500 Ugandans had applied for funding for the 10th cohort.

The selected winners for 2024 come from various sectors such as manufacturing and fashion, among others, and will receive financial support through UBA. Niyonsaba emphasized that the bank is actively engaged with the beneficiaries, providing both financial and non-financial support to ensure the sustainability of their enterprises.

The Tony Elumelu Foundation (TEF) is renowned for its philanthropic efforts in empowering African entrepreneurs across all 54 African countries. The newly selected beneficiaries constitute the 10th cohort of the TEF Entrepreneurship Programme, which spans over a decade. The Foundation’s commitment to nurturing the potential of young Africans to drive transformation on the continent has been consistently demonstrated.

Through its flagship Entrepreneurship Programme, the Tony Elumelu Foundation has provided thousands of young entrepreneurs with world-class business training, mentorship, coaching, and funding. Beneficiaries also gain lifelong access to the prestigious TEF Alumni Network. To date, the Foundation has disbursed US$100 million directly to young African entrepreneurs, resulting in the creation of over 400,000 direct and indirect jobs, thus significantly contributing to Africa’s economic growth and development.

In addition to direct support for entrepreneurs, the Foundation has extended capacity building, advisory services, and market linkages to over 1.5 million Africans through its digital entrepreneurship-support platform, TEFConnect.

Tony Elumelu, the founder of the Foundation, reiterated the organization’s commitment to entrepreneurship as a catalyst for poverty eradication, job creation, and women’s economic empowerment across the African continent. The upcoming announcement reaffirms the Foundation’s dedication to supporting entrepreneurship and driving positive socio-economic impact across Africa.