By: Mpho Shelile
Maseru – To address youth unemployment in Lesotho, the Revenue Services Lesotho (RSL), in partnership with Standard Lesotho Bank (SLB) and the Basotho Enterprises Development Corporation (BEDCO), has celebrated the 10th anniversary of the Bacha Entrepreneurship Project (BEP). During a prestigious award ceremony, five youth-led businesses were each awarded M200,000 in seed capital to scale their operations, underscoring the project’s impact on fostering entrepreneurship and economic growth.
Bacha Entrepreneurship Project, a seed capital initiative, and joint venture between SLB, RSL and BEDCO, since its inception in 2014, the program has been pivotal in empowering young entrepreneurs to create sustainable employment opportunities and drive economic growth in Lesotho.
Speaking at the award ceremony, RSL General Commissioner Mrs. Mathabo Mokoko emphasized the program’s transformative role in fostering entrepreneurship among Basotho youth. She acknowledged the rigorous selection process, stating that choosing the top five winners from the initial 15 finalists was challenging due to the high caliber of business proposals presented.
“The Bacha Entrepreneurship Program focuses on three core pillars: empowering youth through business development, providing funding, and offering capacity building and mentorship. These pillars are crucial for enabling young entrepreneurs to create jobs and contribute to Lesotho’s economic ecosystem,” Mokoko noted.
Since its establishment, BEP has injected M8.8 million into youth-led ventures, directly supporting 33 businesses and achieving an impressive 82% success rate. Mokoko highlighted that these businesses have collectively created over 200 jobs, significantly contributing to reducing unemployment and promoting financial independence in the country.
“This program is more than just funding, it is an investment in Lesotho’s economic stability. By empowering our youth, we are not just fostering entrepreneurship but also laying the foundation for sustainable economic growth,” Mokoko said.
Addressing the winning entrepreneurs, Mokoko urged them to remain resilient in the face of challenges. She reassured them that RSL, along with its partners, would provide continuous support as they navigate the entrepreneurial journey. “Do not waver or succumb to the challenges ahead. We will walk this journey with you,” she affirmed.
Mokoko extended her gratitude to SLB and BEDCO for their unwavering dedication to the program. She emphasized that the collaborative efforts of these organizations are crucial to driving Lesotho’s economic transformation and fostering an environment where youth-led businesses can thrive.
The top five businesses honored during the 2024 Business Empowerment Program (BEP) awards ceremony were Agro-Moth, MED-IQ, Sitilo and Sons, Mabatho Farms, and Kabo-Farm-Yard. These enterprises were recognized for their exceptional innovation, dedication, and potential to contribute significantly to Lesotho’s economic growth.
In addition to the top five winners, certificates of participation were awarded to the Top 15 businesses from the 2024 BEP cohort. This acknowledgment highlights their commitment to entrepreneurial excellence and their efforts in navigating the competitive and rigorous program. The ceremony celebrated their achievements, aiming to inspire other entrepreneurs to contribute to the country’s economic empowerment through innovative and sustainable business practices.
Head of Sales at SLB, Mr. Keketso Makara, emphasized the bank’s commitment to Lesotho’s economic development in his remarks. He stated that SLB is not solely focused on banking and profit-making but is also deeply invested in driving the country’s economic growth and fostering sustainability.
Makara highlighted the critical role of the private sector in advancing Lesotho’s economy, asserting that it is high time for private enterprises to lead this charge. He extended gratitude to SLB’s Business Empowerment Program (BEP) partners, recognizing their collaborative efforts in promoting entrepreneurship and economic empowerment. Reflecting on the BEP’s journey as it celebrates its 10th anniversary, he acknowledged the program’s challenges, particularly the setbacks experienced during the COVID-19 pandemic, which temporarily halted operations and caused significant disruptions.
Addressing the program’s contestants, Makara urged them to inspire other young Basotho to venture into entrepreneurship, underlining the importance of innovation and resilience in business. “To the contestants, I encourage you to motivate other youth to start their own businesses,” he said, emphasizing SLB’s goal to alleviate poverty by creating employment opportunities and supporting grassroots economic initiatives.
Makara concluded by reaffirming SLB’s dedication to fostering a robust entrepreneurial ecosystem, which he believes is pivotal for addressing unemployment and building a sustainable future for Lesotho.
The Bacha Entrepreneurship Program serves as a beacon of hope for young Basotho, providing them with the tools, mentorship, and funding needed to turn their ideas into viable businesses. The initiative not only addresses unemployment but also enhances the capacity of local businesses to contribute meaningfully to Lesotho’s economic growth.
The latest cohort of winners stands as a testament to the program’s success and its commitment to empowering the next generation of entrepreneurs. As these businesses flourish, they are expected to create more job opportunities and contribute to building a robust entrepreneurial ecosystem in Lesotho.
Through programs like BEP, RSL, SLB, and BEDCO are demonstrating their commitment to creating a self-sustaining economy driven by youth innovation and determination.