UN agency, Equity Foundation partner to empower African entrepreneurs

Equity Group Foundation (EGF) and the United Nations Development Programme (UNDP) have signed a memorandum of understanding to accelerate innovation and provide robust support to businesses to drive inclusive economic growth.

Through this partnership, the two entities will establish centres of excellence under the UNDP’s flagship Timbuktoo initiative to foster innovation and empower African entrepreneurs.

These centres will provide training, mentorship and improve access to finance, enabling the creation and growth of high-potential, climate-neutral businesses.

Speaking at the signing, Equity Group Foundation Executive Chairman James Mwangi lauded the collaboration as a key step toward empowering young people and fostering innovation to address societal challenges.

“Equity Bank was built on the principle of inclusion. The issue of inclusion, particularly in the digital, AI (artificial intelligence) and cloud computing spaces, resonates deeply with us. This partnership will not only empower young innovators with the tools, resources, and networks they need to succeed, but will also ensure that innovation is harnessed to address some of the world’s most pressing challenges,” said Dr Mwangi.

“With our presence in seven African countries, serving a combined population of over 350 million people, Equity provides these young innovators with access to a vast marketplace, and the capabilities.”

The collaboration will foster socio-economic development through targeted programs that advance economic empowerment, reduce poverty, expand access to education and promote financial inclusion, with a strong emphasis on gender equality and climate action.

Key to this collaboration is the identification of key value chains and high-potential sectors, where UNDP and Equity Group Foundation will develop and implement targeted interventions to unlock growth and create new opportunities for Micro, Small and Medium Enterprises and communities.

“This partnership with EGF marks a significant step toward building an innovation-driven and sustainable future for Africa,” said Ahunna Eziakonwa, UNDP Assistant Administrator and Regional Bureau for Africa Director.

“By joining forces through UNDP‘s Timbuktoo initiative, we are nurturing entrepreneurs, reinforcing value chains, and advancing socio-economic empowerment. This is how we move from potential to prosperity, laying the ground for lasting impact across the continent.“

The cooperation underscores the shared commitment of UNDP and Equity Group to advance transformation across Africa by leveraging their collective expertise and resources.