TEF MASTERCARD ROUNDTABLE EVENT – COALITION FOR AFRICAN ENTREPRENEURS AND MSMES​,

TEF MASTERCARD ROUNDATABLE: On Thursday, 29th of February 2024, the CEO of the Tony Elumelu Foundation, the leading philanthropy empowering young African entrepreneurs from across all 54 African countries, together with Mastercard President for Africa, Mark Elliott, hosted Dr. Rebecca Lissner, Special Assistant to the U.S. President and Principal Deputy National Security Advisor to the U.S. Vice President, and other key stakeholders at a high-level roundtable event.

The roundtable session served to mobilize partners and drive towards commitments to supporting young entrepreneurs across Africa scaling the work of the Tony Elumelu Foundation. This event convened private sector leaders, policymakers, development agency heads, business experts, and young entrepreneurs, to foster dialogue, share best practices, and develop actionable strategies to unlock the full potential of entrepreneurs and MSMEs, especially women and young people on the continent.

From Left to right: Somachi Chris-Asoluka, CEO Tony Elumelu Foundation, Mark Elliott, Mastercard President for Africa, Dr. Rebecca Lissner, Deputy National Security Advisor to the Vice President of the United States of America, Dr. Beth Dunford, VP Agriculture, Human and Social Development, African Development Bank, Cristian Munduate- UNICEF Representative Nigeria, Kenise Hill, Deputy Political & Economic Chief US Consul, Weert Börner, German Consul General, Cecily Brewer, Special Adviser to the US Vice President for Africa, Zaya Kuyena, Senior Trade Commissioner Canadian Government, Bernd Tilemann, Regional Head West Africa, DEG.

The article below is a summary from the presentation at the 2024 Tony Elumelu Foundation – Mastercard Roundtable Event. Download full presentation here

Potential of Africa​

Africa is the continent with the youngest population worldwide. ​

As of 2022, around 40 percent of the population was aged 15 years and younger, compared to a global average of 25 percent. ​

Coalition Strategic Focus​

This coalition will focus on economically and digitally empowering Entrepreneurs and MSMEs. Who constitute nearly 90% of businesses and generate 80% of jobs and 50% of GDP in Africa. ​

We believe that Catalyzing entrepreneurship offers a robust and scalable tool to drive growth and sustainable development in Africa.​

Coalition Mission​

The coalition brings together global and local private, development, and public sectors. This is to empower African entrepreneurs and micro, small, and medium-sized enterprises (MSMEs). This will ensure that millions of individuals and businesses in Africa benefits. They will benefit from expanded access to economic opportunity and digital services. And to achieve a common goal of a self-reliant and empowered Africa. ​

Coalition Objectives​

The overarching objective of the coalition is working closely with African partners. This is to empower African Entrepreneurs and MSMEs. This is through funding, training, mentorship, and access to digital tools and services. This will include commerce, financing, and marketplaces. To promote economic opportunity, job creation, gender equity. And access to critical services, and financial inclusion. ​

Coalition Overall Target

By 2034, the Coalition aims to economically and digitally empower 100 million entrepreneurs and MSMEs across Africa, focusing particularly on women entrepreneurs and MSMEs. ​

By empowering entrepreneurs and MSMEs, the coalition will help to create millions of jobs, eradicate poverty, drive access to critical services, and economically support women and youth to achieve gender equity​.

Call To Action

​Digital and economic empowerment of 100 million entrepreneurs and MSMEs will require complementary efforts across the public, private, and development sectors. Your commitments are vital to accelerate entrepreneurship and enable MSMEs across Africa to scale. 

About The Tony Elumelu Foundation

The Tony Elumelu Foundation is the leading philanthropy empowering a new generation of African entrepreneurs, driving poverty eradication, catalysing job creation across all 54 African countries, and ensuring inclusive economic empowerment. Since the launch of the TEF Entrepreneurship Programme in 2015, the Foundation has trained over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly USD$100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Foundation’s mission is rooted in Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.