The Tony Elumelu Foundation (TEF) is calling for applications from entrepreneurs across Africa with business ideas that can help transform the continent, in a drive that has seen 190 Ugandans benefit from the Foundation’s initiatives since its inception in 2015.
Sponsored by United Bank for Africa (UBA), the Foundation, a brainchild of billionaire Nigerian business magnate and philanthropist Tony Elumelu, opened its online portal and started accepting applications from January 1, 2018.
Addressing journalists at the at UBA offices in Kampala this afternoon, the bank’s In Charge of Operations Mr. Uche Onwudike said TEF was established three years ago with the aim of establishing a ‘pre-eminent Pan Africa programme’ designed to equip entrepreneurs with the skills needed to build strong and sustainable business in ten years.
“Since its inception, the Foundation has funded, trained and equipped 300 entrepreneurs in three years,” Mr. Onwudike revealed, adding that over 190 Ugandan entrepreneurs in various sectors had benefitted from TEF’s mentorship programme.
Jackie Tumuhairwe, UBA’s Head of Marketing and Corporate Communication, noted that successful applicants from the African continent are subsequently availed four critical tools for business success, including a 12-week intensive online training on creating and managing a business.
The second stage includes a world – class mentorship to guide the early transformation stages of the business, while in the third stage entrepreneurs are availed US$5000 in seed capital to improve their concept. The fourth and last stage paves the way for beneficiaries to access the largest network of African start-ups and TEF’s founder and UBA Group Chairman, philanthropist Elumelu
“ In this cycle, 1000 entrepreneurs will be selected all over Africa based on the viability of the idea, including market, opportunity, financial understanding, scalability and leadership and understanding entrepreneurial skills demonstrated in the application,” Ms. Tumuhairwe said, adding that beneficiaries must be at least 18 years and based in Africa.
“For one to be eligible, the business must be based in Africa, must be for profit, must be at least three years old and applicants must be at least 18 years of age and a legal or citizen of an African country,” she stressed.
Kenneth Twesigye, one if the beneficiaries from Uganda, hailed TEF, saying it had undertaken to curb unemployment in Africa.
“The Foundation has enabled me to inspire other youths by training them in start-up business ideas and solutions among others,” Mr Tersigye, said, while his fellow beneficiary Tony Hakiza of Ugabus said the skills he acquired from the Foundation have enabled his business to grow tremendously.
“With the help of TEF, more than 2500 customers have trusted us and Ugabus.com has so far received over half a million unique interested services across East Africa,” Mr. Hakiza said of his company that helps bus users to book for tickets online, in the process saving them from the attendant hustles.
Similarly, another beneficiary Vianney Kamara who runs somaelearning.com and Nyanya Tomato Powder, said the initiative has helped him expand his business.
The somaelearning.com which currently employs 30 people brings together learners and teachers by posting learning materials to be accessed by the former, while the Nyanya Tomato Powder initiative under which Mr. Kamara currently employs 10 people, is for the preservation of tomatoes.
