Tiktok and Yunus Social Business ,founded by Nobel Peace Prize Laureate Muhammad Yunus, has launched a partnership to extend 1.5-million-U.S.-dollar loans to Kenya-based small and medium enterprises.
The director of government relations and public policy at TikTok in sub-Saharan Africa Fortune Mgwili-Sibanda told journalists in Nairobi, that the selected social enterprises will receive training and mentorship on brand and capability building about sales on e-commerce platforms.
“The partnership with YSB represents a transformative opportunity to empower entrepreneurs, address social challenges, and drive sustainable economic growth in Kenya,” he said.
The regional director for East Africa at YSB Susan Ngalawa, said that the partnership signifies a strategic shift toward embracing digital innovation that will empower aspiring entrepreneurs.
Ababu Namwamba, cabinet secretary in the Ministry of Youth Affairs, Creative Economy and Sports, said that TikTok has an impact that extends beyond entertainment and social interaction because it has facilitated the growth of small businesses and entrepreneurs by providing a platform for marketing, showcasing products and reaching wider audiences.
Namwamba said that the funding by TikTok and YSB will help address a key challenge for entrepreneurs by providing long-term and low-interest loans and growth support to SMEs in Kenya.