Denis Opudo
Kenyan President Uhuru Kenyatta has lauded the impact made by Tony Elumelu Foundation (TEF). TEF was founded by Mr. Tony Elmelu who happens to be the United Bank for Africa (UBA). He is also the Chairman of Pan African Bank. TEF helps in empowering the African young entrepreneurs.
The president praised the initiative while welcoming to the country the 4th cohort of the Foundation’s entrepreneurship program. This is according to information on the Government of Kenya website. It’s a good thing to note that Africans are coming up with such initiative aimed at building the continent. Africa has got a massive wealth of resources. Therefore, the continent does not have to wait for external support.
The president spoke at Kenyan State House in Nairobi while meeting with Mr. Elumelu. The organization set aside $100 million to identify, train, empower and fund 10,000 African entrepreneurs. This is according to Elumelu. The organization’s main aim is to create more than one million jobs. It also aims at adding $10 million of revenue to the continent’s economy. This will take place within its one decade of entrepreneurship that started in 2015.
A total of 74 Kenyan entrepreneurs were part of the 10,000 entrepreneurs. The 10,000 were shortlisted from 150,000 applicants across 54 countries in Africa. Elumelu believes that the 74 will help in improving the Kenyan entrepreneurship sector. They will also direct their support to local initiatives. This will improve inclusive growth and development.
The organization is the only initiative in Africa that funds its own operations. It has managed to fund almost 3,000 businesses by giving them a 12-week of online training. Furthermore, they have benefited from a world-class mentoring program. They can also access the organization’s startup network and they took home $5,000 seed capital. The startup which has been in operation for less than three years is accessible for citizens and legal citizens of all countries in Africa. Furthermore it has invested $14,235,000 which includes $1,285,00 in ICT, $4,270,500 in agriculture. It also includes education and training worth $1,245,000 and $7,400,000 in startups within 19 other different sectors.
The organization believes in Africapitalism. It believes that African entrepreneurs and private sector are the main players in the African social and economic development. TEF Entrepreneurship Program the foundation’s flagship program has been in place for 10 years. It directed $100 million aimed at identifying, funding and training 10,000 entrepreneurs across Africa.
