The National Social Security Fund (NSSF) and Mastercard Foundation have extended funding to 45 women-led businesses worth UGX 3.3Billion under their Hi-innovator program.
Each business will receive Ugx 75 million in seed funding, subject to the completion of a due diligence exercise to ensure compliance with program requirements and operational efficiency.
This follows a competitive pitching exercise held in Kampala, where a total of 56 women-led businesses presented before a panel of seasoned entrepreneurship experts.
The businesses were evaluated based on their scalability, potential to generate employment opportunities for youth, and the strength of their management teams.
The sectors represented in this pitching round include agriculture, digital economy, light manufacturing, tourism, health, green business, and Edtech, reflecting a deliberate focus on industries with high growth potential and social impact.
Derrick Sebbaale representing the NSSF Head of Strategy said: “We are proud to witness women entrepreneurs leading the way and shaping the future of their businesses. Building on the success of our previous window, we are committed to empowering these businesses to cement their operations, drive sustained economic growth and make a lasting impact on the nation’s development.”
This selection brings the latest number of women-led businesses supported to 249 following the successful funding of the previous pitching window which saw 32 women-led businesses acquire UGX1.1Billion.
Richard Zulu, Founder of Outbox, the lead implementing partner for the Hi-Innovator program, emphasized the need to have young people have access to affordable financing noting that 390 businesses have now been supported since the inception of the programme.
“The young business women participants are another demonstration of Outbox and its partner commitments to ensuring that young people have access to affordable financing. We have now supported over 390 businesses in this initiative, and have made further investigations to support the most promising to raise follow-on financing.”
The Hi-Innovator program has significantly contributed to Uganda’s entrepreneurial ecosystem by equipping small and growing businesses with the financial, technical, and mentorship support needed to scale. Through its targeted investments, the program has fostered innovation, created thousands of jobs, and strengthened local enterprises, driving economic growth and long-term sustainability.
Since its inception in 2021, the program has supported 390 businesses with a total allocation of UGX28Billion resulting in the creation of 224,755 jobs affirming the program’s mission to foster innovation and entrepreneurship across Uganda.
Sebbaale underscored the program’s strategic vision, stating that today’s selection reaffirms the programme’s commitment to supporting 500 businesses by the end of 2025.
Enroll for the Hi-innovator Business Foundational Courses through this link: https://hi-innovatorbusinessacademy.nssfug.org/courses/hi-innovatorbusinessacademy.
The impact of Hi-Innovator program
- Number of Small & Growing Businesses seed funded under Hi-Innovator to date: 390
- Number of jobs created since program inception in 2021: 224,755 jobs of which 152,214 are youth
- Seed funding provided: Over UGX 28 billion
- Entrepreneurs trained through the NSSF Hi-Innovator Business Academy: 60,232
- Youth trained through the NSSF Hi-Innovator Business Academy: 45,367 (75%)
- Women trained through the NSSF Hi-Innovator Business Academy: 35,868 (60%)
