UBA Zambia Empowers 89 Local Entrepreneurs with US$5,000 TEF Grants
United Bank for Africa (UBA) Zambia has reaffirmed its commitment to empowering small and medium enterprises (SMEs) as 89 Zambian entrepreneurs secure $5,000 each in seed capital through the Tony Elumelu Foundation (TEF) Entrepreneurship Programme 2025.
The funding, along with business training, mentorship, and access to a Pan-African entrepreneurial network, is aimed at fostering sustainable economic growth and job creation.
The announcement, made by TEF Founder and UBA Group Chairman, Tony O. Elumelu, underscores the Foundation’s ongoing efforts to support African entrepreneurs. Since its inception, the TEF Entrepreneurship Programme has impacted over 24,000 entrepreneurs across Africa, exceeding its initial goal of 10,000.
The initiative has disbursed more than $100 million in direct funding, creating 5 million jobs, generating $4.2 billion in revenue, and lifting 2 million Africans out of poverty.
UBA Zambia Managing Director and CEO, Mr. Chinedu Obeta, emphasized the bank’s dedication to supporting SMEs and youth-led enterprises in Zambia:
“At UBA Zambia, we believe entrepreneurship is a key driver of economic transformation. By empowering young entrepreneurs, we are fostering innovation, job creation, and sustainable growth. This year’s 89 beneficiaries join a dynamic network of African entrepreneurs reshaping their communities.”
Since 2015, 418 Zambian entrepreneurs have benefited from the TEF Programme, with over 134 of them being women. Most recipients are between 18 and 35 years old, representing industries such as agriculture, energy, technology, retail, and manufacturing. The initiative also aligns with TEF’s commitment to gender inclusion and economic diversification.
Beyond the TEF Programme, UBA Zambia continues to support local SMEs through financial solutions such as the AfCFTA/UBA Loan product, designed to help Zambian businesses grow and access intra-African trade opportunities.
“As we celebrate this latest milestone, we remain committed to creating more opportunities for Zambian businesses to thrive, both locally and across Africa,” Mr. Obeta added.
UBA Zambia is part of the UBA Group, a leading Pan-African bank with operations in 20 African countries and the UK. Committed to innovation and customer-centric banking, UBA Zambia offers a broad range of financial services, including savings and current accounts, loans, and trade finance solutions tailored to the needs of individuals and businesses.
