UBA Zambia reaffirms commitment to SMEs as 89 local entrepreneurs win US$5,000 TEF grants

United Bank for Africa (UBA) Zambia proudly announces that 89 Zambian entrepreneurs have been selected as part of the 11th cohort of the Tony Elumelu Foundation (TEF) Entrepreneurship Programme 2025.

Each has been awarded $5,000 in seed capital, business training, mentorship, and access to a Pan-African network of entrepreneurs.

The announcement, made by TEF Founder and UBA Group Chairman, Tony O. Elumelu, marks a significant milestone in the Foundation’s mission to empower young African entrepreneurs and accelerate economic transformation across the continent.

Since its inception, the TEF Entrepreneurship Programme has exceeded its original target of 10,000 entrepreneurs, impacting over 24,000 entrepreneurs across Africa, disbursing more than $100 million in direct funding.

This decade-long impact has resulted in 5 million jobs created, $4.2 billion in revenue generated, and 2 million Africans lifted from poverty.

Speaking on this achievement, UBA Zambia Managing Director and CEO, Mr. Chinedu Obeta, reaffirmed the bank’s commitment to supporting SMEs and youth-led businesses in Zambia:

“At UBA Zambia, we believe in the power of entrepreneurship to drive sustainable economic growth, create jobs, and improve livelihoods.

This year’s 89 Zambian beneficiaries join a growing network of African entrepreneurs whose businesses are changing lives and shaping communities.”

Since 2015, 418 Zambian entrepreneurs have benefited from the program, with over 134 being women, reinforcing TEF’s commitment to gender inclusion.

Most recipients are between 18 and 35 years and span across sectors such as agriculture, energy, technology, retail, and manufacturing.

UBA Zambia also continues to support local SMEs beyond the TEF Programme, offering solutions like the AfCFTA/UBA Loan product, designed to help Zambian businesses grow and tap into intra-African trade opportunities.

“As we celebrate this latest milestone, we remain focused on creating more pathways for Zambian businesses to thrive — locally and across the continent,” Mr. Obeta added.

The Tony Elumelu Foundation’s impact reflects a powerful journey of African-led philanthropy driving sustainable development, with UBA Plc proud to be a key partner amplifying this mission across its 20 African markets.

United Bank for Africa (UBA) Zambia is part of the UBA Group, one of the leading Pan-African banks with a presence in 20 African countries and the UK.

UBA Zambia is committed to providing innovative and customer-centric banking services that meet the diverse needs of individuals and businesses in Zambia.

The bank offers a wide range of financial products, including savings and current accounts, loans, and trade finance solutions.

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