TikTok has launched a Ksh 230 million investment in Kenya in partnership with Yunus Social Business (YSB) to support small businesses in the country.
YSB is a non-profit entity dedicated to supporting 60 social businesses. The $1.5 million investment seeks to support selected social enterprises financially.
The initiative will also offer training and mentorship to other businesses in various areas, including brand building, sales and e-commerce, and leveraging digital platforms for business success.
During the launch of the TikTok Empower programme, Youth Affairs, Creative Economy, and Sports Cabinet Secretary Ababu Namwamba commended TikTok for its contribution that goes beyond entertainment and social interaction.
“The collaboration between TikTok and Yunus Social Business (YSB) represents a pivotal effort to leverage business solutions for social good; it will help address the ‘missing middle’ problem for entrepreneurs by providing long-term, low-interest loans, and growth support to social businesses, small and medium enterprises in Kenya and the wider East Africa region,” he said.
To kick off the impact of TikTok’s investment, BURN Manufacturing was given a $450,000 cheque by Namwamba which amounts to around Ksh 69 million.
BURN provides clean cookstoves that consume less fuel, cook faster, emit fewer fumes, and save families up to about Ksh.23,000 per year.
TikTok’s Sub-Saharan Africa Director of Government Relations and Public Policy Fortune Mgwili-Sibanda, on his part, said “This partnership with YSB represents a transformative opportunity to empower entrepreneurs, address social challenges, and drive sustainable economic growth in Kenya and East Africa.”
Earlier in the year, a petition was presented to parliament seeking to ban TikTok in the country following complaints from Kenyans about the platform’s lack of regulation to protect users from explicit content.
The government later had discussions and decided to work on regulations to handle the raised issues.
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