By Charles Katabarwa.
Kampala, Uganda: In efforts to address unemployment problem in Uganda the National Social Security Fund (NSSF) in partnership with Mastercard Foundation has awarded UGX5.9 billion as seed funding to an additional 78 Ugandan small and growing businesses through their Hi-innovator Program.
This brings the total of businesses funded to 110 since the Hi-Innovator Programme was launched in May 2021, totalling Ushs 10.5 billion in seed funding and the e winners were selected from over 6,300 entrepreneurs based in five sectors including agriculture, digital economy, fashion and beauty, health, and light manufacturing ,that had enrolled in the program’s learning platform dubbed the NSSF Hi-Innovator Business Academy, an online self-directed platform where entrepreneurs obtained foundational business knowledge over the last three months.
The Hi-Innovator Programme is an initiative by NSSF in partnership with Mastercard Foundation that aims to create an eco-system where indigenous Small and Growing Businesses can be supported to mature into viable businesses.
Speaking at the awarding ceremony held at Mestil Hotel last evening the NSSF Deputy Managing Director , Patrick Ayota said that with is initiative they believe that there are on the right track to attaining their ambitious goal of creating over 132,000 employment opportunities for youth and women in the country as well as creating an eco-system where indigenous Small and Growing Businesses can be supported to mature into viable businesses and it is gratifying to see that the number of businesses supported this year have increased to from 32 to 78 which is an indication in the country there more innovative ideas and possible scalable businesses to support in growth.
Ayota adds that each winner has been 20,000 US Dollars and will now undergo a due diligence process and will be supported by other partner innovation hubs in the next four months to enable them address business hurdles