Kenya’s UBA Bank, in partnership with the Tony Elumelu Foundation and the State Department of Devolution, will be launching the SME Seed Capital for Kenyan entrepreneurship that will see them supported in growing their ideas into great businesses.
UBA Kenya Bank through the Tony Elumelu Foundation (TEF) Entrepreneurship Program has over the last seven years contributed to the growth of the Kenyan SME sector by providing seed capital to local Entrepreneurs to support their business aspirations.
The Tony Elumelu Foundation, founded by African investor, philanthropist, and Chairman of United Bank of Africa PLC, Tony E. Elumelu is a Non-Governmental Organization aimed at creating prosperity for all through supporting and creating African Entrepreneurs.
Founded in 2015, the Tony Elumelu Foundation Entrepreneurship Program has funded over 15,847 young entrepreneurs across 54 countries in Africa with Kenya being one of the key beneficiaries of this initiative that aims at empowering Africa as a whole.
In 2021 alone, the Foundation disbursed 111,847,400 shillings the equivalent of USD $980,000 to 196 Kenyan entrepreneurs. The funds have seen the entrepreneurs expand their businesses and ideas.
In 2022, 207 beneficiaries from Kenya were awarded seed capital to grow their business. Since its inception in Kenya in 2015, The Tony Elumelu Entrepreneurship Program has disbursed 394,751,400 shillings equivalent to USD $3,460,000 to a total of 692 Kenyan entrepreneurs”
UBA Kenya Bank Limited partnered with the State Department of Devolution to open up this opportunity to start-ups and SMEs in every County. This initiative will be a key driver in the growth of the SME sector and the youth innovation agenda in the country.
The launch of the initiative in Kenya comes at a time there are efforts by the government to grow and support small businesses with the aim f boosting the economy of the country. SMEs are key drivers of the Kenyan economy, employing about 86 percent of Kenyans and contributing about 45 percent to the country’s GDP.