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Entrepreneurship is the key to unlocking Economic Development on the continent

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Founder, The Tony Elumelu Foundation and  Chairman, UBA, Mr. Tony O. Elumelu and The President, Republic of Ghana, Dr, Nana Akufo- Addo, at the TEF Entrepreneurship Forum 2018 held in Lagos, Nigeria.

Founder, The Tony Elumelu Foundation and  Chairman, UBA, Mr. Tony O. Elumelu and The President, Republic of Ghana, Dr, Nana Akufo- Addo, at the TEF Entrepreneurship Forum 2018 held in Lagos, Nigeria.

By Our Reporter

African entrepreneurs, private and public sector leaders and the broader entrepreneurship ecosystem convened in Lagos, Nigeria on Thursday last week for the annual Tony Elumelu Foundation (TEF) Entrepreneurship Forum. The event which is the largest gathering of African entrepreneurs in the world, is a unique opportunity for bringing together young business talent, creating dynamic networks and transmitting the message to policymakers that a vibrant and responsible private sector will deliver economic transformation.

Now in its fourth year, the Forum marked the graduation of the 2018 cohort of the TEF Entrepreneurship Programme, following a rigorous nine-month period of training, mentorship and funding, which brought the total number of beneficiaries of the programme to 4,470, with over 300,000 applications received to date. Uganda this  year had 126 successful applicants.

One of the highlights was the unveiling of TEFConnect, a revolutionary digital community that brings together the complete entrepreneurship ecosystem across Africa and beyond, including entrepreneurs, investors and the broader business community on one platform, connecting them digitally with three vital elements for success – capital, market and business tools. Africa is riding a wave of rapid technological driven change in payment systems, education, agriculture and infrastructure and TEFConnect fulfills a critical role in linking entrepreneurs across the continent.

Commencing with a series of goodwill messages from key stakeholders in the investment, governmental and development communities, the event featured a pitching competition, panel discussions, as well as a vibrant interactive session between His Excellency, President Nana Akufo-Addo and the entrepreneurs, moderated by TEF Founder, Tony O. Elumelu. It also featured a session on the role of the private sector in the economic development of Africa with Dr. Awele Elumelu, TEF Trustee, Founder, Avon Medical and Gavi Champion for Immunisation in Africa; moderated by CNNMoney Africa Correspondent, Eleni Giokos.

Parminder Vir, CEO, Tony Elumelu Foundation also unveiled the TEF Impact Documentary, featuring success stories of the Tony Elumeluu Entrepreneurs.

Tony Elumelu reiterated his commitment to championing Africa’s economic development by supporting and training a new generation of entrepreneurs, whose successes can transform the continent, delivering opportunity, job creation and social impact. ‘Africa’s future is in African hands’ he stated.

“Our Foundation and its unique approach of training, mentoring and funding has proven that entrepreneurship is the key to unlocking economic transformation of our continent. I believe so strongly that success can be democratized and if we can match ambition to opportunities, this extraordinary generation can achieve anything,” said Tony Elumelu. “With TEFConnect, we have created a tool, that provides a digital platform to host ideas, champion success and demonstrate Africans ability to use the most advanced technologies to take charge of their economic destinies.”

His Excellency, President Nana Akudo-Addo of Ghana underlined the importance of galvanizing the broad entrepreneurship eco-system, calling on public sector representatives to encourage, support and replicate the work of the Tony Elumelu Foundation in their respective regions.

Speaking on the importance of putting the right policies in place, President Nana Akufo-Addo said: “Nothing is changed or developed on its own. People must get up, speak, have discussions and change the dialogue.”

Since its inception, the Tony Elumelu Foundation has empowered African entrepreneurs across the continent with a $5,000 non-refundable seed grant, a bespoke training programme designed specifically for the African environment and access to a dedicated group of mentors, significantly contributing to economic growth, job creation and revenue generation. Over 300 budding Ugandan entrepreneurs have benefited from the programme.

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Local Business

Centenary Bank rewards Kampala’s first winners in trolley bash shopping bonanza

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Mrs. Beatrice Lugalambi (4th L), General Manager Corporate Communications , and Marketing at Centenary Bank, poses for a photo with CenteChrismas Trolley Dash Shopping Bonanza winners, and Centenary Bank Staff. This was during the reward of the 1st batch of Kampala Trolley Dash winners.

Mrs. Beatrice Lugalambi (4th L), General Manager Corporate Communications and Marketing at Centenary Bank, poses for a photo with CenteChrismas Trolley Dash Shopping Bonanza winners, and Centenary Bank Staff. This was during the reward of the 1st batch of Kampala Trolley Dash winners.

By Our Reporter

Centenary Bank continues to broaden its banking services with the aim of offering Ugandans convenient banking experiences through its alternative digital banking services.

While addressing the media at the Trolley dash held at Capital Shoppers Nakawa in which four customers were announced winners, Ms. Beatrice Lugalambi, the General Manager Corporate Communications and Marketing at Centenary Bank said that, “we are pleased to be rewarding four winners from our 1st batch of Trolley Dash Shopping Bonanza winners from the Central region. The Central region constitutes the biggest percentage of our customers, and we ought to give back to them, while delivering an enjoyable digital baking experience, all for their benefit”.

“In line with our current festive season slogan at the Bank ‘Christmas has come early’, which rhymes with our promo, customers who use our alternative banking channels; CenteMobile, CenteVisa and CenteAgent to carryout transactions at least three times a week will be rewarded throughout the promo duration,” Lugalambi added.

So far, over 300 customers through the promo have won cash, Gift Hampers and Trolley Dash Shopping Bonanza’s across the country in Mbale, Arua, Fort Portal, Mbarara and Masaka. Winners of the Trolley Dash Shopping Bonanza at Capital Shoppers Nakawa include; Mr. Kayongo Daniel, Ms. Phiona Kesiime, Mr Charles Wamalia, and Ms. Esther Adeke,

The CenteChristmas promo which was launched on November 05th, 2019 will run until December 31st, 2019. To stand a chance to win, bank customers will need to use the services at least thrice a week.

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BigEye Money

Retiring Master Brewer shows what Uganda is Made of with Nile Special Stout

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By Reporter

Nile Breweries Master Brewer Moses Musisi has done it again. After developing the great success brands Nile Special, Club and Eagle, he has now created the first Premium Ugandan Stout, a beer that he refers to as the crown on his career.

 Nile Special Stout is a stout Uganda can be proud of. It is brewed with the finest Ugandan Malts and Roasted Barley. It is brewed at the Source of the river Nile. The liquid is beautifully dark and has a truly satisfying rich taste with a long lingering but surprisingly clean after taste. A drinking experience crafted specifically for the growing appetite for richer and more rewarding beers in Uganda.Nile Breweries’ charismatic master brewer, Moses Musisi will start enjoying his well-deserved retirement in a few weeks. When discussing his retirement plans late last year he mentioned his passion for Ugandan beer and the lack of a proper Ugandan Stout. “We have local Dark lagers and there are imported stouts on the market, but I would really like to create a stout that will make Uganda proud,” Musisi said.

“We have tremendous confidence in Moses’ brewing skills; he is definition of a true craftsman, so when he expressed his wish to do something truly remarkable and create something that will be of value for the country, we quickly agreed to move ahead with the project. It is fantastic to see that after many months of crafting the liquid he got it absolutely right,” said Thomas Kamphuis, Country Director, Nile Breweries Ltd.

“In my view this is the legacy every brewer wants to leave,” he added. Nile Special Stout will be for sale to consumers from 29th November.

“As it is a black beer, launching on Black Friday is giving the launch a nice touch. We have a great consumer launch planned at Kyadondo Rugby Club where consumers can experience this great beer while we kick off the new rugby season,” Amou Majok, Nile Breweries Marketing Head said.

“As one of Uganda’s most iconic companies and the undisputed leader of the beer industry with 57.7% market share. We remain committed to brewing great-tasting, high-quality beers that have satisfied beer drinkers for generations. We are proud that 100% of our beers are made in Uganda,” she added.When asked about the ‘Hack’ she commented “In a world where attention is scarce, we needed to use a stunt that was ‘bold and strong’ to get the attention we believe this beer deserves. The campaign truly shows the power of social media and we have been blown away by how quickly it was picked up and the amount of attention it got.”

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BigEye Money

Appraisal Feedback Tool: A must for every organisation

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By Staff Writer

In almost every organization millions of employees work and get paid as per their positions. As an employee they get paid for the job done but there are many other expectations of employees associated with companies. They are such as promotion, good position, hike in pay scale and many more. To meet these expectations the companies need to watch the work style and other attributes of the employees as per which they are rated and offered with perks and other benefits. This whole process is a part of appraisal and before going for the same one need to know what appraisal is and how the appraisal feedback works. 

Every company follows a different model as far as the employee relations are concerned. The same is the methodology for the appraisal system as well as feedback. In many organizations the feedback plays a vital role to rate a person which may be peer to peer or senior to junior feedback system. HR department also uses various models and tools for appraisal feedback as per the size of the organization and number of employees.  

Appraisal is the evaluation process through which employee’s performance is measured according to the work done by them. This tool provides the overall report of individual employee working for the organization. This tool provides the feedback on the basis of the employee behaviour, time consumption to complete a task, time taken to accept the challenge etc. This tool saves a lot of time of the HRs as well as of the managers and now they can give a good amount of time to the organization as well for themselves too.

Need for this Tool?

The need for appraisal feedback tool is becoming a day to day basic need for every organization. This tool is used by the organizations so that there could not be any bias decisions taken by the manager’s as well as by the HRs, because in many organizations they used to have relations with some of the employees in depth because of which the other employees faces problems during their appraisal time.

The second big advantage of this tool is that it could provide the feedback about the learning behaviour of an employee on the basis of the training provided for duration of time period. In simple way we can understand that it let the organization know the overall development of an employee and according to the employee development what would be the future of the organization with its employee’s.

Importance of Appraisal in Industries

360 degree performance appraisal is important for both the employee’s and organization, as during the appraisal period the organization could know that either the employees who are working for them are going good or not, are they making profit for the organization and will the organization get growth in future by keeping them in the organization. The second benefit for organization is that it learns about the overall development of the employee according to the training provided to the employee’s.

Appraisal is more important for the employee’s than the organization because they are doing their job and giving more and more efforts to get the name for the promotion in their department. It is not possible for an employee to be at the same designation for all its life mostly recommended for the candidates who are new to the corporate world. If the employee is getting its appraisal at the right time then he/she gets energized again to do their work with full motivation and dedication and this could be the benefit for the organization to grow consistently.

Advantages of Appraisal Tool

  • No bias Decisions during Appraisal: with the use of this tool in most of the organization the transparency is maintained in the process in the process of the appraisal. No employee gets the benefit of having relatives in an organization because of which every employee is evaluated on the basis of their performance.
  • Bridges up the Training Gaps: After collecting the feedback of each and every employee from their colleagues the collected data is now goes under the analyses process and in this process the feedbacks are compared to each other and after completion of this process a final report of every employee is generated and on the basis of this report the appraisal of the employee’s is done.
  • Employees could know about their own lacking points by going through the report generated and they could improve their performance for their appraisal in future.
  • Employers could also know about the overall development of the employees working for them, and could hire new candidates over the old ones.

Disadvantages of Appraisal Tool

There are other disadvantages of this tool like many the employees would not accept the feedback report provided by this tool as they work in a team and no one want to see him/her go downwards and takes its positive side towards negative. So below are few disadvantages about the Appraisal tool.

  • Conflicts on positive feedback: In almost every industry there are managers who are not satisfied with the positive feedback provided by this tool because managers have their own conflicts with some of the employees and they do not wants the employee to get the appraisal.
  • Conflicts on suggestions: Sometimes the feedback generated by the appraisal tool makes many of the employees take the negative thoughts for the mangers as well as for the organization which could be frustrating for the employee but some of the employees does not takes this suggestion in the positive way and improve their performance in future to get the better appraisal. 
  • Wrong intentions: There are many employees who talk the positive about you and roam around you to get at the safe side but the ugly truth is that at your back they are trying to downgrade you because they do not wants you to see above you at any cost, so they provides the negative feedback of each other and the wrong feedback report is generated for the employees and their appraisal holds back. 

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