United Bank for Africa (UBA) and the Tony Elumelu Foundation (TEF) have officially announced the selection of 3,200 young entrepreneurs from the 54 African countries, as part of the 12th edition of its Entrepreneurship Programme. It marks another significant step in the Foundation's ongoing commitment to the economic transformation of the African continent through entrepreneurship.
Since its creation in 2010, TEF has been investing in the potential of young Africans, arguing that Africa's greatest resource is its people. Based on this vision, the programme was initially designed to support 10,000 entrepreneurs with seed capital of 5,000 dollars, non-repayable, for each entrepreneur, professional technical training, mentoring with specialists in each field, and access to a global network of entrepreneurs. In total, 80 young Mozambican entrepreneurs have secured access to funding and other benefits of the programme to realise their dreams.
To date, TEF's Entrepreneurship Programme has disbursed more than 100 million dollars in funding to more than 24,000 African entrepreneurs, contributing to concrete and measurable results:
• More than 4 million families positively impacted
• 2.1 million Africans lifted out of poverty
• 4.2 billion dollars in revenue generated
• 1.5 million jobs created
• More than 2.5 million Africans with access to training
According to the Foundation, 80% of the businesses supported get past the start-up phase, a performance significantly above the global average. The programme is based on the concept of Africapitalism, which holds that the African private sector – especially entrepreneurs – should lead the continent's economic and social development.
The spotlight on women's empowerment
One of the hallmarks of this edition is the strong prominence of women. 51% of the entrepreneurs selected are women, reflecting the quality, innovation and leadership of African women in the entrepreneurial ecosystem. Selection was based exclusively on merit, showing that, when they have access to opportunities, women not only take part but lead processes of economic transformation.
More than funding, the selected entrepreneurs will have access to:
• Non-repayable seed capital
• Intensive training programmes
• Specialist mentoring
• Access to the TEFConnect digital platform
Commitment to Africa's future
TEF continues to play a central role in redefining the narrative of African development, moving from a model based on dependence on external aid to one based on partnerships and internal capacity-building. According to the Foundation's leadership, investing in entrepreneurship is a direct investment in Africa's most sustainable resource: its people.
