The 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 and drive inclusive economic growth across Africa.
The partnership, unveiled at Equity’s Nairobi headquarters, focuses on UNDP’s ambitious Timbuktoo initiative, a pan-African innovation ecosystem designed to transform ideas into scalable, impact-driven ventures.
Dr. James Mwangi, Executive Chairman of Equity Group Foundation and CEO of Equity Group Holdings, described the collaboration as a natural extension of the bank’s founding ethos of radical inclusion.
“Equity Bank was built on the principle of inclusion,” James Mwangi said. “The issue of inclusion, particularly in the digital, AI, 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.”
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The centers of excellence built through this initiative will provide comprehensive training, mentorship, and improve access to finance, enabling the creation and growth of high-potential, climate-neutral businesses.
Mwangi also explained that with the organization’s presence in seven African countries, serving a combined population of over 350 million people, it will serve to provide young innovators with access to a vast marketplace, the capabilities and brand strength of the Group, to serve the region as a single market under the African Continental Free Trade Area
“We are handing these innovators a single, borderless market under the African Continental Free Trade Area (AfCFTA), backed by our infrastructure and brand,” he added.
Ahunna Eziakonwa, UNDP Assistant Administrator and Director of the Regional Bureau for Africa, underscored the initiative’s broader vision by stating that this joint force will serve in nurturing entrepreneurs, reinforcing value chains, and advancing socio-economic empowerment, which is how people move from potential to prosperity
“This partnership with Equity Group Foundation marks a significant step toward building an innovation-driven and sustainable future for Africa,” she said.
At its core, the MoU targets high-impact value chains in agriculture, renewable energy, and digital services with the joint teams mapping bottlenecks, designing targeted interventions, and channeling finances to Micro, Small, and Medium Enterprises (MSMEs), which are the backbone of African economies that employ over 80% of the workforce yet struggle with capital and market access.
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Climate Change Aspect
Startups supported through the centers must demonstrate climate-neutral or climate-positive business models, aligning with the global Sustainable Development Goals (SDGs) and Equity’s own Africa Recovery and Resilience Plan (ARRP), which was launched in 2021 to steer post-COVID reconstruction.
The collaboration also amplifies Equity Group Foundation’s legacy of youth investment, whereby programs like Wings to Fly, which has awarded over 20,000 full secondary and university scholarships and boasts a 97% completion rate, and the Equity Leaders Program will feed talent channels into timbuktoo hubs.
On the other hand, the UNDP brings global networks, policy expertise, and catalytic funding to prevent risks in early-stage ventures, where practical rollout begins immediately. The first center of excellence is slated for Nairobi in 2026, with satellite hubs planned for Kampala, Kigali, and Kinshasa by mid-2027.
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Gender Inclusivity
The MoU also outlines that at least 50% of the beneficiaries will be women founders or co-founders, promoting gender equality and consideration.
A Climate Innovation Challenge will also award seed capital to solutions in the circular economy, clean energy, and climate-smart agriculture.
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