By KT Reporter
45 women-led enterprises have each received 75 million Shillings in seed capital from the National Social Security Fund (NSSF) Hi-Innovator program. This latest cohort brings the total number of program beneficiaries to 437 businesses.
The initiative, worth up to USD 10 million, is co-funded by the Mastercard Foundation and implemented by Outbox. It targets cultivating an enabling ecosystem for at least 500 Indigenous Small and Growing Businesses (SGBs) to evolve into viable and scalable enterprises.
Speaking at the announcement of the winning businesses, Derrick Sebbaale, representing the NSSF Head of Strategy, highlighted that the program also aims to create at least 132,000 jobs for young people through these scaled-up enterprises, a target that has already been surpassed, with jobs created now standing at 152,000.
He expressed pride in the program’s achievements so far, further committing to continued support for these businesses. “We are proud to witness women entrepreneurs leading the way and shaping the future of their businesses. Building on the success of our previous window, we are committed to empowering these businesses to cement their operations, drive sustained economic growth, and make a lasting impact on the nation’s development,”
he said.
Sebbaale further noted that this year’s cohort was specifically designed for women-owned enterprises. “This cohort, which was exclusively for women-led businesses, had up to 56 applicants, who went through a rigorous process and a competitive pitching exercise, where 45 were selected,” he said.
He said that the businesses were evaluated based on their scalability, potential to generate employment opportunities for youth, and the strength of their management teams.
Since its inception in 2021, the program has allocated a total of 28 billion Shillings, resulting in the creation of 224,755 jobs, affirming its mission to foster innovation and entrepreneurship across Uganda.
The businesses were evaluated based on their scalability, potential to generate employment opportunities for youth, and the strength of their management teams.
The sectors represented in this pitching round include agriculture, the digital economy, light manufacturing, tourism, health, green business, and EdTech, reflecting a deliberate focus on industries with high growth potential and social impact.
Richard Zulu, Founder of Outbox, the lead implementing partner for the Hi-Innovator program, emphasized the need for young people to have access to affordable financing, echoing that over 400 businesses have now been supported since the program’s inception.
He noted that the Hi-Innovator program has significantly contributed to Uganda’s entrepreneurial ecosystem by equipping small and growing businesses with the financial, technical, and mentorship support needed to scale.
Winnie Manake, one of the winners, explained that she had participated in this program for at least three seasons but had not previously received funding. “I first entered this competition in 2022 and again in 2023. The previous attempts were lessons for me, which is why I am one of the winners this time.”
Manake, who deals in instant foods, said the funding will help her improve her production line by purchasing much-needed equipment. “I will use this money to acquire new equipment, which has been my biggest challenge and could take up the largest portion of my profits,” she said-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
