78 businesses win Shs5.9b funding under NSSF’s Hi-Innovator Programme

An additional 78 Ugandan businesses have obtained funding worth Shs5.9 billion under the Hi-innovator Programme that is funded by National Social Security Fund (NSSF) in partnership with Mastercard Foundation.

The beneficiaries were selected from over 6,300 entrepreneurs that had enrolled in the programme’s learning platform dubbed the NSSF Hi-Innovator Business Academy.

Following a weeklong boot camp, 103 entrepreneurs were then shortlisted to pitch their ideas to an investment committee that included seasoned entrepreneurs and investors.

The Hi-Innovator Programme 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 on Tuesday, Patrick Ayota, the NSSF Deputy Managing Director said, “It is gratifying to see that the number of businesses we are supporting this year through the Hi-Innovator Program has increased from 32 to 78. This is an indication that we have more innovative ideas and possible scalable businesses to support in growth”

Arnold Byarugaba from Mastercard said: “It is not enough to start business, we have to ask ourselves, what is required of me today, what I can do? That’s why Hi Innovator is here, that’s why Mastercard partnered with NSSF.”

“It is gratifying to see that the number of businesses we are supporting this year through the Hi-Innovator Program has increased from 32 to 78. This is an indication that we have more innovative ideas and possible scalable businesses to support in growth”

Patrick Ayota, NSSF Deputy Managing Director

The businesses were from five sectors including agriculture, digital economy, fashion and beauty, health, and light manufacturing.

This brings the total of businesses funded to 110 since the Hi-Innovator Programme was launched in May 2021, totaling Ushs 10.5 billion in seed funding.

Some of the winners of the funding include Apa Original Kisubi Tea Limited, Arua City Food House, who majorly processes maize and cassava flour into highly nutritious and affordable maize and cassava flour; Chomsky U Ltd, which seeks to offer affordable orchard management services that are easily accessible to orchard farmers, Redvers E-Mobility, an e-mobility Conversion Kit and battery for motorcycles, and Bugiri Female Youth Tailoring And Designing Association, which majors in capacity building through training youth women in tailoring and design and production of more tailored cloth to the market.

Others are Ebenezer Clinic And Diagnostic Centre, a private medical facility in urban Uganda that provides quality health care.