Stanbic Bank allocate P1 million grant
Tokafala were given a million reasons to feel good last Friday, as the enterprise development programme unveiled an exciting new partnership with Stanbic Bank Botswana.
The bank will inject P1 million into the non-profit organistation, with the money allocated in the form of grants over the next year.
The partnership is to support young entrepreneurs, helping them develop their small businesses through training, mentorship and access to funding.
Speaking at the Memorandum of Understanding (MoU) signing at Stanbic’s Accelerate Incubator earlier this month, the bank’s Head of Business and Commercial Banking, Lesego Osman, explained they strive to drive entrepreneurship with the goal of growing SMMEs to large scale business.
“Our newly established CEEP (Citizen Economic Empowerment Programme) division seeks to advance our youth employability and entrepreneurship mandate. We are excited to partner with the Tokafala Enterprise Development Program in this first-of-its-kind funding partnership, to tangibly bring this ambition to life. By combining our expertise, resources, and networks, we aim to create meaningful opportunities for youth empowerment and growth, ultimately contributing to a more prosperous future for our country,” outlined Osman.
Established in 2014 as a partnership between government, Debswana and Anglo American, Tokafala has a proud history of helping entrepreneurs develop the business, financial management and marketing skills they need to build successful and sustainable businesses.
“The main aim for Tokafala was to nurture business and to date the programme is known for its unwavering support to local businesses. This collaboration will be able to empower businesses and create more rigorous ecosystem. We have always believed in impactful collaborations as evidenced by significant impact in our entrepreneurship development,” highlighted Tokafala Board Chairperson, Otsile Mabeo.
To date, the programme has provided advisory services and mentoring to more than 236 Small and Medium Enterprises against an initial target of 200.
Last year alone, Tokafela managed to assist 178 SMMEs, achieving 59 percent women inclusivity.
Further, under the youth development, the programme has achieved a 90 percent graduation rate and helped create 1, 896 jobs.
“We are excited to journey with Stanbic Bank Botswana in our mission to empower the youth and drive economic growth. This partnership will enable us to ensure continuity. Seeing to it that there is measurable progress, together, we can build a brighter future for Botswana. Our aim is to take youth out of the streets and eliminate poverty; most of youth we have worked with are now economically active because we have trained some for the job market and some for entrepreneurship,” noted Tokafala’s programme Director, Montle Phuthego.