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

Through this partnership UNDP and EGF will establish centres of excellence under the UNDP’s flagship Timbuctoo initiative to foster innovation and empower African entrepreneurs.

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

Speaking at the event in Nairobi, EGF Executive Chair James Mwangi lauded the collaboration as a transformative 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 and cloud computing spaces resonates with us,” Dr Mwangi said.

He noted that the 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.

“With our presence in seven African countries serving a combined population of over 350 million people, Equity provides young innovators with access to a vast marketplace and the capabilities and brand strength of the Group, to serve the region, as a single market under the African Continental Free Trade Area,” he pointed.

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

Central to this collaboration, he revealed, 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 (MSMEs) and communities.

Echoing his sentiments, UNDP Assistant Administrator and Regional Bureau for Africa Director, Ahunna Eziakonwa, observed the partnership with Equity Group Foundation marks a significant step toward building an innovation-driven and sustainable future for Africa.

“By joining forces through UNDP’s Timbuctoo initiative, we are nurturing entrepreneurs, reinforcing value chains and advancing socio-economic empowerment. This is how we move from potential to prosperity, laying the groundwork for lasting impact in the continent,” she said.

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

In addition, it aligns with the Sustainable Development Goals (SDGs) and Equity Group’s Africa Recovery and Resilience Plan (ARRP), emphasizing innovation, inclusion, and empowering young people to lead transformative changes.

• A Tell Media / KNA report / By Michael Omondi

United Nations Assistant Secretary General and United Nations Development Programme (UNDP) Assistant Administrator and Director, Regional Bureau for Africa, Ms Ahunna Eziakonwa (left) and Equity Group Foundation Executive Chairman, Dr James Mwangi sign the Memorandum of Understanding (MoU) in Nairobi, meant to accelerate innovation and provide robust support to businesses in order to drive inclusive economic growth across Africa.

United Nations Assistant Secretary General and United Nations Development Programme (UNDP) Assistant Administrator and Director, Regional Bureau for Africa, Ms. Ahunna Eziakonwa (Left), and Equity Group Foundation Executive Chairman, Dr. James Mwangi, pose with the signed Memorandum of Understanding (MoU) in Nairobi, a partnership meant to accelerate innovation and provide robust support to businesses in order to drive inclusive economic growth across Africa.