United Bank for Africa (UBA) and the Tony Elumelu Foundation (TEF) have announced the allocation of more than 25 million meticais to support young Mozambican entrepreneurs as part of the 12th edition of the foundation’s Entrepreneurship Program, which this year selected 3,200 beneficiaries from 54 African countries.
According to a press release, the institutions state that this initiative represents “another significant step in the Foundation’s ongoing commitment to the economic transformation of the African continent through entrepreneurship.”
Among those selected are 80 young Mozambicans, who will now benefit from non-repayable seed funding, technical training, specialized mentoring, and access to a global network of entrepreneurs. According to the document, the program aims to enable participants to “realize their dreams” through the creation and expansion of sustainable businesses.
Established in 2010, the Tony Elumelu Foundation has focused its efforts on promoting entrepreneurship as a driver of development. “Africa’s greatest resource is its people,” the statement emphasizes, underscoring the commitment to empowering young people as a strategic pillar for the continent’s growth.
To date, the program has disbursed more than $100 million to over 24,000 African entrepreneurs, generating significant impacts, including benefits for more than 4 million families, lifting 2.1 million Africans out of poverty, generating $4.2 billion in revenue, and creating approximately 1.5 million jobs.
The foundation also highlights that “80% of the supported businesses survive past the initial phase,” a performance considered above the global average, demonstrating the robustness of the implemented model, based on the concept of Africapitalism, which advocates for the central role of the African private sector in economic and social development.
This year’s edition also highlights a strong female presence, with women representing 51% of the selected entrepreneurs. According to the press release, this result demonstrates that “when given access to opportunities, women not only participate but lead processes of economic transformation.”
In addition to funding, beneficiaries will have access to intensive training, specialized mentoring, and the TEFConnect digital platform, which facilitates networking and the development of strategic partnerships.
The Tony Elumelu Foundation believes that investing in entrepreneurship constitutes “a direct investment in Africa’s most sustainable resource: its people,” advocating for a structural shift toward development models based on internal capacity-building and the dynamism of the private sector.
