Overview:

NSSF Deputy Managing Director and Head of Strategy Patrick Ayota said their aim is uplift women-led businesses, which have remained at the periphery of development.

The National Social Security Fund (NSSF) in partnership with Mastercard Foundation have earmarked over Shs7.6b seed funding to 100 indigenous women-owned businesses under the third cohort of the NSSF Hi-innovator programme.

The Hi-innovator initiative is supporting small businesses by extending seed funding, building the capacity of entrepreneurship support organisations to provide quality technical assistance and working with financing institutions to unlock affordable patient capital so that they can become more competitive.

Speaking at the launch of the fund on Wednesday, 23 November 2022, NSSF Deputy Managing Director and Head of Strategy Patrick Ayota said their aim is uplift women-led businesses, which have remained at the periphery of development.

“We have noticed the low participation of women entrepreneurs. Uganda is ranked 2nd in the world with the highest number of women business owners, but women-owned microenterprises in Uganda generate 30% lower profits than their male counterparts,” Ayota said.

“Through our women-only funding round of NSSF Innovator, we will provide opportunities for women entrepreneurs to reverse the trend. We will avail Ugx 75m as seed funding for each women-led business and our target is to fund at least 100 businesses,” he added.

Mr Ayota assured the women entrepreneurs that they need to be patient and persevere on the journey.

“We want to fund 100 women or more, With patience, and perseverance, you will enjoy with us. The first shareholder you will have in your business is NSSF,” he explained.

Some of the guests at the launch on Wednesday.

Adrian Bukenya-Mulindwa, the country director of Mastercard Foundation, said their vision is to create job in society.

“Our vision is to play a catalytic role in supporting partners to spur change built on a shared vision & values, equity, and accountability. Our approach is holistic, emphasizing resilience and coordination among local implementing partners. With this intervention, and by decentralizing and democratizing investment, more start-ups can receive funding and technical assistance to enable them to scale and create work opportunities,” he said.

“We envisage that by 2030, we would have created 30 million jobs for young people in Africa, 4.3 million in Uganda, and 70% for women,” he added.

Richard Zulu, Founding Partner at Outbox, who are implementing the programme, said: “Participating businesses must have over 50% female ownership or have at least 70% women in top management, must be legally operational in Uganda for at least two years and, employ at least 2 full-time staff, among others.”

Zulu added: “Once you join the program, you are attached to one of the Entrepreneurship Support Organizations. They do most of the work and take you through the entire process right from the academy, to the pitching event.”

The NSSF Hi-Innovator Women Accelerator is open to all women entrepreneurs in all economic sectors across the country until the end of January 2023.