Mastercard Foundation unlocks potential of young entrepreneurs

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Mastercard Foundation has rallied corporations to invest more in the promotion of youth entrepreneurship to help uplift the livelihoods of young Ugandans.

According to Adrian Bukenya, Mastercard Foundation Country Director in Uganda, supporting the young people who currently make 78 per cent of the population, will not just change their livelihood but also contribute to economic growth.

He says that the popular view that Uganda is among the most entrepreneurial countries in the world needs to be supported to ensure the sustainability of the enterprises and job creation.

He was speaking at the Foundation’s review of its 10-year strategy dubbed “Young Africa Works”, which is aimed at empowering at least 4.3 million young persons to access dignified and fulfilling work. 

“Over the past five years, Young Africa Works has made significant progress, engaging over 3.8 million young people to acquire skills and access finance to start their enterprises. Of these, 1.3 million have transitioned into work.

Entrepreneurship and enterprise development, backed by institutions such as NSSF, Equity Bank, and UNCDF, demand more than funding startups to ensure businesses are sustainable, scalable, and resilient,” Bukenya noted.

The goal program among other things sought to understand what is working and what is not, so that they find ways of making the impact even faster.

The two-day event in Kampala featured more than 30 young entrepreneurs from across Uganda showcasing innovative enterprises in agriculture, technology, art, fashion, education and other sectors.

“As Uganda continues its path toward inclusive and sustainable growth, Mastercard Foundation remains committed to unlocking the potential of its young people, ensuring they are at the forefront of the Country’s transformation.”

The dialogue brought together youth entrepreneurs, policymakers, private sector leaders, and development partners to discuss how entrepreneurship can be a viable pathway to sustainable livelihoods.

Another area is how to improve access to finance, skills, and markets for young people, and the role of policies and partnerships in creating an enabling environment for youth-led enterprises.

According to the Foundation, many young people struggle to access work that is stable, secure, and fulfilling thus by addressing the barriers to entrepreneurship, such as lack of capital, training, and market access, they can create opportunities for youth to build successful enterprises and contribute to economic growth.

Godfrey Byamukama, Assistant Commissioner of Privatization and Investment at the Ministry of Finance, Planning and Economic Development who represented the PSST Ramathan Ggoobi, commended Mastercard Foundation’s model of promoting youth enterprises, saying it tackles challenges Ugandan entrepreneurs face.

He urged young entrepreneurs to take up the financing options provided by the government, especially the various wealth-creation funds. According to him, Mastercard Foundation’s programmes are in line with government objectives.

John Walugembe the ED for the Federation of Small-Medium Sized Enterprises (FSME) hailed Mastercard foundation for eliminating unemployment through empowering youth entrepreneurs.

He pledged their support as a federation to continue training and skilling the youth and also ensure youth-led entrepreneurs to access affordable loans from financial institutions without necessarily presenting collateral 

Recommendations

Inclusion remains a critical aspect, addressing social and cultural barriers to ensure that vulnerable young women, people with disabilities, and displaced youth fully participate in the program.

Access to finance is also a critical enabler of economic growth, particularly for marginalized groups such as young people, women, refugees, and persons with disabilities.

Additionally, integrating digital technologies into these models can improve efficiency, market access, and financial inclusion. Online platforms for learning, market linkages, and financial transactions could bridge the gap for young entrepreneurs in remote areas.

Public-private partnerships will also be instrumental in scaling these models, ensuring long-term sustainability beyond donor funding.

The Young Africa Works strategy sets out an ambitious goal for the next decade by 2030, the Foundation expects to enable 30 million young people in Africa, especially young women, to secure employment they see as dignified and fulfilling.

As part of the Young Africa Works strategy, the Foundation aims to deepen engagement in some countries, including Uganda, to better understand their economic aspirations and identify priority sectors for growth.