BAYI Foundation

Africa has the largest share of youth globally. 19 of the world’s 20 youngest countries belong to the African continent. In Africa, Small and medium-sized enterprises (SMEs) account for 90% of businesses. According to the World Economic Forum, these enterprises also provide 80% of Africa’s employment.

However, SMEs often lack access to credit, resources, or proper guidance – factors that are necessary to sustain in the long-term. They are far less productive than larger firms and provide inferior working conditions, leading to high employee turnover. Nevertheless, if managed well, SMEs can create job opportunities and provide economic resilience for the poor, while the world reels from the devastating after-effects of the pandemic.

TheHUB™ Africa is a flagship initiative created by BAYI Foundation that provides business education, training and skills development to enterprises globally. Our mission is to channel catalytic financing and deploy expertise to small and medium sized enterprises (SMEs) to support wealth creation and sustainable development. This initiative is designed to support the strategic growth of SMEs by focusing on gaps in the necessary resources to attract external growth capital. The SMEs that fit the criteria move through the program in four (4) stages:

An 8-week training program,
A 6-month fellowship with a management consultant,
Strategic and digital mentorship and,
Access to catalytic financing

Africa has 19 out of 20 youngest countries to develop but this comes with challenges such as access to education, marketable skill development and ultimately employment opportunities for youth and women. Africa has a lot to gain from reaping its gender dividend as well. The 2017 Global Entrepreneurship Monitor declared Africa the first continent of female entrepreneurship. 27% of women in sub-Saharan Africa are entrepreneurs. However, while women produce 62% of economic goods, only 8.5% are paid for their work. The reality for far too many young women and men, however, is the shortage of decent jobs. With 60% of Africa’s population being regarded as youths, youth unemployment remains very high across many African markets. More than one in three unemployed young people have been looking for work for more than five years. For young women, the figures are even worse. Women are less likely to participate in the workforce in the first place, and when they do, they are less likely to find a job. COVID-19 has only exacerbated these problems further. SMEs can unlock the untapped potential of this dormant workforce. Technology can further remove barriers to expansion and help SMEs cater to the masses.

BAYI empowers small and medium-sized enterprises (SMEs), particularly women-owned or led SMEs (W-SMEs), across Africa with the tools to sustain and grow their businesses through TheHUB program. TheHUB channels catalytic funding and organizational support to SMEs, that evince the potential for sustainable growth, to get them to operational breakeven, and ensure their financial resilience and ability to fund their own growth. Our hands-on intensive approach enables us to de-risk our investments and foster businesses that are truly resilient and sustainable. BAYI is seeking monetary and local personnel support to provide more women-owned or led SMEs (W-SMEs) across Africa access to advisory and functional support through TheHUB. For its first cohort, BAYI admitted 10 SMEs in Kenya, Nigeria, and Botswana into the TheHUB program who met its gender lens, workforce development, and organizational requirements. Three of the 10 SMEs in the cohort are women-owned, with 17 women in leadership roles across the 10 SMEs and a workforce made up of 60% women. The first cohort has created 9 jobs as part of TheHUB program and has the potential to create 150 new jobs as the businesses scale. With the USAID’s W-GDP award, BAYI will ensure that at least 30 more W-SMEs obtain catalytic funding by the end of 2024 and 300 gain access to our network of private investment capital to support their growth and sustainability.