TikTok, the world’s leading entertainment platform, and Yunus Social Business (YSB), a dedicated non-profit organisation fostering 60 social businesses, have today announced a transformative $1.5 million partnership, aiming to financially invest in selected social enterprises while providing others with training and mentorship on brand building, sales/e-commerce and leveraging digital platforms for business success.
The $450,000 cheque was handed over by Cabinet Secretary Ministry of Youth Affairs, Creative Economy, and Sports Hon. Ababu Namwamba, EGH, who was the Chief Guest at the launch event. In his remarks, he highlighted the important role TikTok has played in the lives of users across Kenya:
“TikTok has had an impact that extends beyond entertainment and social interaction; it has influenced various aspects of society, education, and philanthropy, positioning itself as an impact organisation by providing a platform for individuals from diverse backgrounds to share their stories, talents, and creativity. It has also empowered creators to express themselves, build communities, and find their voices, fostering inclusivity and diversity”.
Kenya’s Cabinet Secretary Ministry of Youth Affairs, Creative Economy, and Sports Hon. Ababu Namwamba, EGH
Hon. Ababu Namwamba also reiterated the impact of the partnership in Kenya and the region: “The collaboration between TikTok and Yunus Social Business (YSB) represents a pivotal effort to leverage business solutions for social good; it will help address the “missing middle” problem for entrepreneurs by providing long-term, low-interest loans and growth support to social businesses, small and medium enterprises in Kenya and the wider East Africa region. With the $1.5M partnership between TikTok and YSB, we trust our entrepreneurs will continue to use platforms such as TikTok positively, encouraging innovation and economic growth”.
Other social enterprises to benefit from this partnership include Ndivisi Enterprises and ED Partners Africa amongst others; they will get access to digital skills training, resources and brand-building mentorship as part of the offering.
“This #TikTokEmpower partnership with YSB represents a transformative opportunity to empower entrepreneurs, address social challenges, and drive sustainable economic growth in Kenya and East Africa. We have seen the profound impact and real-world opportunity that TikTok brings to small businesses around the world, and we are proud to foster this entrepreneurial spirit and digital innovation in Africa. The creative economy is a key priority for Kenya and this is the time to amplify these opportunities as we celebrate Kenya@60.”
Fortune Mgwili-Sibanda, Director of Government Relations & Public Policy at TikTok in Sub-Saharan Africa.
Yunus Social Business’s Regional Director for East Africa, Susan Ngalawa notes that while the organisation has a strong legacy in social entrepreneurship models, this partnership signifies a strategic shift towards embracing digital innovation to empower aspiring entrepreneurs.
“We believe that social businesses hold solutions to some of the most pressing problems of our time, but they cannot deliver or scale those solutions alone. This collaboration with TikTok is designed to help overcome specific social business challenges. For example, by providing them with direct financial support, upskilling their teams in digital marketing to strengthen their position in the digital economy, and giving them access to markets so that as the social businesses grow, their impact can grow as well. We look forward to this opportunity.”
Yunus Social Business’s Regional Director for East Africa, Susan Ngalawa
This partnership stands as a testament to TikTok’s commitment to supporting Africa’s entrepreneurial ecosystem, creating opportunities for individuals to make a difference in their communities. TikTok and Yunus Social Business are united in paving the way for a new generation of social entrepreneurs, leveraging the power of technology to drive positive change and sustainable economic growth in Kenya and East Africa.
TikTok will also be showcasing at the 2023 Youth Konnect Africa Summit hosted at the Kenyatta International Convention Centre between 8 – 12 December 2023.
