September 23, 2023, 9:01 pm
Nine (9) sources of fund for small business startups in Nigeria/Africa

Nine (9) sources of fund for small business startups in Nigeria/Africa


By Admin

Published on Wednesday 26th December 2018
Last Updated Monday 23rd March 2020

Topic: Nine (9) sources of fund for small business startups in Nigeria/Africa comment by Emmanuel at 26-12-2018 04:58

Getting fund to start up a business is one of the first hurdle every entrepreneur must cross. For most people, the process can be frustrating, tedious and sometimes become a near impossible task mostly likely because people tend to search for money in the wrong place.

This post is made up of a list of possible source of fund for new startup businesses, you should take note that getting financial help requires patience and endurance. You must not be discouraged because it is tedious, overcome potential rejections, persevere and you will surely laugh in the end.

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  1. African youth entrepreneurs’ (A.Y.E)

Empowering young entrepreneurs is what A.Y.E is committed to. They make available avenues to enhance inter trade on the continent. The main criteria to be eligible to this programme is to be a Nigerian and your business must be located any of the 36 states in Nigeria.

To apply visit

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2. GroFin

is a pioneering development financier specializing in financing and helping small and growing business in Africa and the middle East.  Grofin is committed to helping small and growing business that are grossly under deserved by other funds or financiers. They have a fund size of $100million plus to funding Nigerian micro, small and medium business.


  1. Applicants must be from any of the following countries: Nigeria, Ghana, Zambia, Egypt, South Africa, Kenya, Tanzania, Rwanda or Uganda
  2. Your business must be aimed at making profit
  3. Owner must be substantially involved in running the business

To apply visit

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3. Tony Elumelu Foundation Entrepreneurship Programme (TEEP)

The Tony Elumelu Foundation Entrepreneurship Programme is the flagship entrepreneurship programme of the Tony Elumelu Foundation, founded by the entrepreneur, respected investor and philanthropist Tony O. Elumelu. The $100 million programme is pen to citizens and legal residents of all 54 African countries will identify and support 1000 entrepreneirs with a business that is less than three years old or have a new business idea can apply. The programme is scheduled to run over the next 10 years


4. Seedstars Africa

 In 2015, Seedstars awarded $6.8 million in total to emerging market startups in the Seedstars World Best Startup competition. Seedstars World has partnered with VC4Africa for all applications coming from Africa and recently they invested $330,000 in SimplePay a young Nigerian company. To apply, visit the Seedstars website.

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5. Acumen Fund

Acumen is a non-profit global venture fund that uses entrepreneurial approaches to solve the problems of poverty. Acumen has invested in Paga in Nigeria and other companies in West Africa. Acumen and the Lundin Foundation also recently announced a $1.5 million aggregate equity and debt investment in Esoko Networks Limited (“Esoko”), a Ghanaian-built technology platform. You can apply for them to invest in your business on the investments page of their website.


Acumen is always looking for entrepreneurs who have new and innovative models for tackling poverty and who also meet their investment guidelines. To qualify for this program, entrepreneurs must be located in east Africa, West Africa, Indian, Pakistan or Latin America


6. Africa Enterprise Challenge Fund

AECF uses a Challenge Fund model where funding is awarded through competitions. Only private sector companies are eligible to apply for this, and have to comply with the eligibility and selection criteria of each competition. The best ideas could be awarded up to US$1.5 million in grants or repayable grants. While each competition is different, all competitions seek business ideas that are judged on their commercial viability, innovation, and potential development impact of their projects. You can apply through their websites.

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7. African Development Foundation

The principal aim of the African Development Foundation (ADF)'s grants is to enable grassroots groups in Africa to generate increased income through productive enterprises that expand the overall economic production capacity and increase the economic security of their families and communities. ADF provides small grants of US$250,000 or less to private and other non-governmental organizations (NGOs) in Africa. You can apply for grants on the website of the foundation.

8. African Women's Development Foundation

 The AWDF’s Main Grants Programme supports local, national, sub-regional and regional organizations from across the continent working towards women’s empowerment. The AWDF makes grants for work related to any of our six thematic areas. Grants can be given to support and strengthen of organizations through strategic planning, governance systems and fundraising and communication strategies. In order to streamline their application process, AWDF is currently accepting proposals online. Download and read guidelines on the website to apply.

9. Agri-vie

just like the name sounds, Agri (Agriculture)The Agri-Vie Fund I is an agri-business fund. Their area of coverage is the Sub-Saharan Africa and the investments are made in the whole value chain of the agricultural, forestry and aquaculture sectors. The fund’s main investment focus is on the value added components of the agricultural value chain involving processing, distribution, marketing and branding as well as services. While the Fund has some exposure to early stage businesses, its main focus is on later stage investments where capital is allocated to the development and expansion of existing ventures.



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