The Micro and Small Enterprises Recovery Fund: Working to ensure 250,000 jobs are created & secured

Charity’s salon is one of the over 42,000 micro and small enterprises that have been facilitated with direct access to finance as of 20th October, 2023. This is out of the target to reach 50,000 MSEs. At least 73% of these are young women and 42% are youth. Charity’s two employees contribute to the over 62,000 jobs that the intervention has created or secured so far. The employees are part of the 4.3 million young people in Uganda, especially young women, that the Foundation under the Young Africa Works strategy in Uganda has set out to enable to secure employment they deem dignified and fulfilling by 2030.

This is under the Mastercard Foundation Micro and Small Enterprises Recovery Fund, a five-year program implemented in partnership with the Financial Sector Deepening Uganda. The fund’s objectives are

To facilitate access to finance directly to 50,000 MSEs (70% women and young people) through 25 Tier III and Tier IV financial institutions. This fund will aim to protect at least 100,000 jobs at risk while securing 150,000 other jobs and cause a multiplier effect in credit extended to MSEs over five years.

To support in building resilience of financial service providers through digitization of their loan processing workflows. The Fund will also support financial institutions to access credit reference bureau services.

To attract more long-term institutional capital into the sector to address shocks and sustainability for systemic growth.

To embed continuous learning within the grassroot financial service providers across the country, through encouraging best practices, which will create confidence and encourage innovations around product development, and service delivery.

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