The Tony Elumelu Foundation (TEF) has released findings from its latest impact review, highlighting a shift toward a digitally driven, platform-based model for supporting entrepreneurship across Africa. Delivered through its TEFConnect platform, the approach reflects a transition from traditional seed funding to a more integrated system that combines financing, training, mentorship, and digital connectivity to support entrepreneurs throughout their business journey.
The review shows that TEF is increasingly building an ecosystem that supports not just business creation but also early-stage growth and scaling. In 2025, the foundation supported 3,000 entrepreneurs in its 11th cohort, alongside targeted programmes for green enterprises, women-led businesses, and technology startups. These initiatives were backed by partnerships with organizations such as Deutsche Investitions- und Entwicklungsgesellschaft, Google.org, and development partners from the UAE, reflecting a collaborative, partner-driven model.
Central to this transformation is TEFConnect, which acts as a digital coordination hub linking entrepreneurs with mentors, markets, and institutional partners across 54 African countries. The platform integrates key processes including applications, training, mentorship, and funding evaluation into a single workflow, enabling more efficient and scalable programme delivery.
This shift comes amid persistent structural challenges facing small and medium-sized enterprises across Africa. According to the International Finance Corporation, the continent faces an SME financing gap exceeding $330 billion, while many businesses remain informal and lack access to formal markets or cross-border trade opportunities. Digital platforms are beginning to address some of these barriers, as seen with services like M-Pesa and Flutterwave, which enable financial transactions and cross-border payments without traditional banking systems.
However, constraints such as limited internet access and low digital adoption continue to affect progress. Data from the International Telecommunication Union indicates that internet penetration in Sub-Saharan Africa remains below 50%, particularly limiting access in rural areas. Additionally, research by McKinsey & Company highlights ongoing barriers to adopting advanced technologies like artificial intelligence, including infrastructure gaps and limited technical capacity.
Despite these challenges, TEFConnect is scaling rapidly. In 2026, the platform processed over 265,000 applications, making it one of Africa’s largest digital entrepreneurship systems. Entrepreneurs progress through structured online training and mentorship before qualifying for seed funding, typically $5,000. Overall, TEF reports that more than 2.5 million individuals have accessed training through the platform, while over 24,000 entrepreneurs have received funding, demonstrating the growing role of integrated digital systems in supporting SME development across the continent.
