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Start-up African Entrepreneurs: Apply for the 2020 Tony Elumelu Foundation Entrepreneurship Programme
· Sixth Year of Programme and Tenth Anniversary of Foundation see Significant Enhancements to the TEF Entrepreneurship Programme
· Creating a Personalised Entrepreneurship Journey for Applicants and Greatly Increased Access to Programme and Knowledge Base
Applications made through TEFConnect, Africa’s largest digital entrepreneurship network
Image Caption – Tony O. Elumelu, CON, Founder, Tony Elumelu Foundation and Dr. Awele Elumelu, Trustee, Tony Elumelu Foundation surrounded by African Entrepreneurs at the Tony Elumelu Foundation Entrepreneurship Forum.
The Tony Elumelu Foundation (TEF) has opened its application portal (www.tefconnect.com) for applications from African entrepreneurs across all African countries, for the 2020 cohort of the Tony Elumelu Entrepreneurship Programme. In 2019, 3,050 African entrepreneurs benefited from the Programme, a number which will meaningfully increase in 2020. The TEF Entrepreneurship Programme is open to startup entrepreneurs, with innovative business ideas or businesses that have been in existence for less than 3 years, in any sector, from across Africa. The Programme is the $100 million commitment by African investor and philanthropist, Tony O. Elumelu to empower 10,000 entrepreneurs in 10 years, with the goal of creating millions of jobs and new revenue on the continent. The programme implements Mr Elumelu’s Africapitalism philosophy, which positions the private sector as the catalyst for African economic transformation, and an investment approach that values the creation of both social and economic wealth. In commemoration of its 10th year anniversary, the Foundation will announce further enhancements to the Programme, providing additional benefits to Africa’s rapidly growing youth demographic. The changes in the 2020 TEF Entrepreneurship Programme emphasise a personalised entrepreneurship journey for every applicant and opening the platform to ensure a higher number of people trained, amplifying the Programme’s impact and reach. In just five years, the Programme has empowered over 9,000 beneficiaries from all 54 African countries, with training, mentorship and seed funding. Speaking at the launch of the 2020 TEF Entrepreneurship Programme, Ifeyinwa Ugochukwu, CEO of the Tony Elumelu Foundation, said: “The transformation of Africa begins with empowering our young African entrepreneurs. With the recent enhancements made to our Programme and our growing list of partners, the Tony Elumelu Foundation is significantly increasing its impact across the continent. We encourage all startup African entrepreneurs across the 54 African countries to apply for the Programme, as we continue to empower the very best ideas that will create the much needed employment and revenue on the continent”. The multilingual Application Portal is open on TEFConnect.com, the digital networking platform for African entrepreneurs, from January 1 to March 1, 2020.
FirstBank, a leading financial institution and provider of financial inclusion services in West Africa, announces the achievement of ₦1 trillion in cumulative instant digital loan disbursements. This accomplishment further consolidates the Bank’s reputation for innovation, leadership in financial inclusion, and commitment to customer empowerment within.
Since its inaugural digital loan in August 2019, FirstBank has developed an unconventional and robust digital lending ecosystem designed with Artificial Intelligence and Machine Learning, to improve access to finance, especially to the high-risk customer segment. The Bank created a multi- channel loan disbursement service that requires no collaterals, zero documentation and is void of human interactions. Through its FirstAdvance, FirstCredit and AgentCredit products, 1.5 million unique borrowers enjoyed instant and secure access to credit. This is irrespective of whether they are salary earners, non-salary earners, or micro business owners. They also have the convenient options of accessing these loans through platforms such as *894# (FirstBank’s USSD service), FirstMobile, LitApp and the FirstMonie Agent App.
Regarding this milestone, Chuma Ezirim, Group Executive, e-Business & Retail Products at FirstBank, stated: “This success underscores our ongoing commitment to innovation and a customer-focused approach, which are central to FirstBank’s core values. Beyond achieving substantial figures, we remain dedicated to fostering opportunities for financial independence across Nigeria in particular, and in Africa at large.’’
He added, “We value the trust our customers place in us to support their financial aspirations. Our efforts to advance digital lending will persist, especially to the excluded and underserved customer segments, while effectively managing risks in the process.”
FirstBank currently disburses about N1 Billion daily in digital loans, demonstrating its commitment to fostering an inclusive, technology-driven future for Nigerians. By consistently investing in advanced technologies and developing customised financial solutions, the Bank seeks to improve the financial well-being of individuals and businesses across the nation.
FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened its partnership with the United Nations Global Compact (UNGC) to reaffirm its commitment to driving sustainable finance and unlocking capital for development. This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.
The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.
FirstBank’s Chief Risk Officer, Patrick Akhidenor, represented the bank at the conference and highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund. The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions. The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.
‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”
Sanda Ojambo, CEO of UNGC, emphasized the need for innovative, inclusive financial models for underserved regions. “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said. “De-risking tools and blended finance can help unlock capital and drive meaningful impact.
FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail
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