The Equity Group Foundation (EGF) and the United Nations Development Programme (UNDP) have signed a Memorandum of Understanding (MoU) aimed at accelerating innovation and providing robust support to businesses to drive inclusive economic growth across Africa.
Central to this new collaboration is the establishment of Centers of Excellence under the UNDP’s flagship timbuktoo initiative. These centers are designed to be hubs for innovation, specifically fostering and empowering African entrepreneurs.
Through these hubs, the partnership will offer support, including training, mentorship, and crucially, improved access to finance. The goal is to enable the creation and growth of high-potential, climate-neutral businesses, ensuring the continent’s development path is both sustainable and equitable.
Speaking at the signing ceremony, Dr. James Mwangi, Equity Group Foundation Executive Chairman, lauded the MoU as a pivotal step towards empowering young people and harnessing innovation to solve pressing societal issues.
“Equity Bank was built on the principle of inclusion. The issue of inclusion, particularly in the digital, AI, and cloud computing spaces, resonates deeply with us,” Dr. Mwangi stated. He highlighted that EGF’s operational presence in seven African countries, serving over 350 million people, provides these young innovators with access to a vast marketplace. This presence, combined with the capabilities and brand strength of the Group, enables entrepreneurs to serve the region as a single market under the African Continental Free Trade Area (AfCFTA) framework.
The collaboration is structured to foster broad socio-economic development through targeted programs that advance economic empowerment, reduce poverty, expand access to education, and promote financial inclusion. It places a strong emphasis on gender equality and climate action.
Ms. Ahunna Eziakonwa, UNDP Assistant Administrator and Regional Bureau for Africa Director, affirmed the partnership’s significance. “This partnership with Equity Group Foundation marks a significant step toward building an innovation-driven and sustainable future for Africa,” she said.
“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,” Ms. Eziakonwa concluded.
UNDP and EGF will develop and implement targeted interventions in these areas to unlock growth and create new opportunities for Micro, Small and Medium Enterprises (MSMEs) and communities.
The partnership underscores the shared commitment of both organizations to advance transformative change across Africa. It is fully aligned with the Sustainable Development Goals (SDGs) and Equity Group’s Africa Recovery and Resilience Plan (ARRP), emphasizing innovation, inclusion, and empowering the youth to lead Africa’s future.