Kampala, Uganda – Key stakeholders gathered in Kampala at Mastercard Foundation’s Young Africa on February 19, 2025 will discuss the challenges of young Ugandan entrepreneurs starting and scaling new ventures. The event culminated with the release of recommendations to strengthen the sector and calls for action for systematic reform to maximize the potential of youth entrepreneurship.
The dialogue attended by more than 350 participants at the Serena Hotel was accompanied by a keynote speech by Deputy Godfrey Beimukama. He represented Ramasan Gugubi, secretary and secretary of the Ministry of Finance, Ministry of Finance, Planning and Economic Development. He highlighted the need to bridge the gap between policy and practice, and acknowledged that youth voices are important in shaping effective interventions. “The real measure of Uganda’s progress lies in the way that young people can lead their transformation. By breaking barriers to entrepreneurship and equipping them with tools to succeed, we don’t just build businesses. He also highlighted Uganda’s ambitious 10x economic growth strategy, which aims to expand the economy from $50 billion to $500 billion over 15 years, with youth entrepreneurs at the Centre. The government is leveraging $13.1 billion (UGX 4.8 trillion) worth of funds, targeting transformations in youth, women, agriculture and industry.
Ugandan youth are widely recognized for their entrepreneurship and play a pivotal role in fostering innovation and economic growth. According to the state of entrepreneurship in the Uganda 2024 report, micro, small and medium-sized businesses account for more than 90% of the private sector, employing millions of Ugandans, and using these companies as the basis of the economy. However, systematic barriers are hindering young entrepreneurs, including limited access to finance, low business registration rates, limited market access, and permanent digital disparities. Addressing these constraints through targeted skills, financial inclusion and activation policies is essential to maximizing the potential of young Ugandan entrepreneurs.
Adongo Immaculate, a participant in Gulu University’s Regional University Forum for Agricultural Capacity Building and founder of Fresh Picks Enterprise, is reflected in the challenges young people face when accessing business support and skill development.
Young people do not lack possibilities. They do not have access to the right skills and opportunities. The biggest mistake we continue as a society is training young people for a world that no longer exists. ”
Young entrepreneurs embed entrepreneurship training into their education system, highlighting that young people are ready to seek employment and create opportunities for themselves.
This discussion has reinforced the urgent need for improved access to finance, productive resources and stronger peer-to-peer networks. Young entrepreneurs requested more information about opportunities within the broader entrepreneurship ecosystem. Additionally, they sought enhanced and comprehensive targeting for young people with disabilities and refugees, ensuring that interventions were tailored to specific needs. Building partnerships offering a variety of services and programs, including mentorship, market access and capacity building initiatives, was highlighted as an important step in advancing youth entrepreneurship.
Important recommendations from Young Africa Works Dialogue
Expanding access to finance by increasing youth-friendly financial products and alternative financing models. Strengthen peer-to-peer business networks and digital platforms to improve market access and knowledge sharing. Create a more effective policy and regulatory environment that supports youth-led businesses and startups. Integrate entrepreneurship training into all levels of education to develop practical business skills for young people. Strengthen inclusion by adjusting financial services, training and market access for women, refugees and people with disabilities.
Access to finance remains an important barrier for young entrepreneurs, primarily due to high interest rates, delayed loans, and strict collateral requirements. The dialogue explored alternative financing models such as grants, digital microfinance and asset-backed lending, allowing more access to credit to young people, particularly women and marginalized groups.
For many young entrepreneurs, networking and collaboration play a key role in keeping their business. Florence Naziwa, an agribusiness exporter and participant in the foundation’s partnership with Ripple Effect, shared a journey to overcome sector challenges, pointing out that exports may seem complicated but presents viable economic opportunities for young people. “People may be afraid to join the export business because it seems complicated. But I want to encourage more people to join. In life, commas are not a complete halt, so we need to continue moving forward.” She emphasized the importance of linking young entrepreneurs to trustworthy supply chains and structured business support systems, ensuring long-term success.
In his remarks, Adrian Bukeruya, Ugandan country director of Mastercard Foundation, reaffirmed the foundation’s commitment to unlock opportunities for young Ugandans through young African work strategies. The initiative aims to provide access to dignified and fulfilling work by 2030 to 4.3 million young people (of which 3 million are young women). He emphasized that deep cooperation between government, private sector and youth-led organizations is needed to remove systemic barriers to youth employment and entrepreneurship.
“Uganda’s biggest asset is young people. When they thrive, the country thrives. The challenge before us is to ensure that all young Ugandans, whether they start a business or enter the workforce, have the opportunity to contribute to the country’s economic growth and benefit. This is not just a vision, it is a responsibility that we all share.” – Uganda Director Adrian Bukenyakuntry.
Bukenya emphasized that achieving large-scale impacts requires collaboration and systematic transformation across the ecosystem. He sought stronger public-private partnerships to ensure that the skills program was linked to fundraising and access to the market, providing end-to-end support to young entrepreneurs, providing enterprise growth.
The event highlighted the need for stronger collaboration between government, private sector and development organizations to expand access to young entrepreneurs’ resources, mentorship, skills and fundraising. Participants emphasized the scaling and partnership of effective models and promoting economic transformation in Uganda without leaving young entrepreneurs behind.
About MasterCard Foundation
The MasterCard Foundation is a registered Canadian charity and one of the largest foundations in the world. Working with visionary organizations, we promote education and financial inclusion, ensuring that Canadian youth and Indigenous youths in Canada have access to dignified and fulfilling work. Founded through Mastercard’s generosity when it became a public company in 2006, the foundation is a separate and independent organization from the company with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar and Addis Ababa. Its policy, operations and program decisions are determined by the Foundation’s board and leadership.
Please contact us for more details.
Rachel Nanderienga, Head, Country Program Communications
rnandelenga@mastercardfdn.org
