NSSF Hi-Innovator Program Boosts 45 Women-led Businesses with UGX3.3 Billion
Saturday, May 10 2025 9:00 am
By Savings Digest
The National Social Security Fund (NSSF) and Mastercard Foundation have extended funding to 45 women-led businesses worth Ugx3.3 billion 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 followed a competitive pitching exercise held in Kampala, where a total of 56 women-led businesses presented before a panel of seasoned entrepreneurship experts.
The Hi-Innovator is an initiative of the National Social Security Fund (NSSF) in partnership with the Mastercard Foundation and implemented by Outbox, aimed at cultivating an enabling ecosystem for indigenous Small and Growing Businesses (SGBs) to evolve into viable and scalable enterprises.
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.”
Women-led businesses supported
This selection brings the latest number of women businesses supported to 249, following the successful funding of the previous pitching window, which saw 32 women-led businesses acquire UGX1.1 billion.
Richard Zulu, Founder of Outbox, the lead implementing partner for the Hi-Innovator program, highlighted the rationale behind prioritising these sectors. “This round of selections was guided by the potential of these industries to create dignified and sustainable employment opportunities, particularly for youth and women, who are critical drivers of Uganda’s economic transformation,” he explained.
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.
