Equity Bank will be deploying its banking infrastructure and its Equity Group Foundation platform in the implementation of Young Africa Works – Kenya, a public-private partnership between the Mastercard Foundation, the private sector, and the Government of Kenya.
Being a pioneer signatory to this Ksh 30 Billion program which aims to support five million youths to access more dignified work opportunities in the next 5 years and to grow businesses in the ‘Big Four’ sectors, Equity has signed up to the initiative, pledging funding and training to beneficiaries.
“With an expansive branch and agency network in the country, coupled with a highly skilled talent force in entrepreneurship training, youth empowerment, mentorship and relationship management, Equity is well positioned to be an implementing partner of the Young Africa Works in Kenya.
“Through the bank, we will extend loans of up to Ksh 150 billion to 140,000 MSMEs and scale to Ksh 420 billion to 600,000 MSMEs over a five year period while Equity Group Foundation will offer free digital literacy, financial and entrepreneurship training, as well as market linkages in an effort to support entrepreneurs in scaling up their business and create more jobs for young people,” said the CEO and Managing Director of Equity Group Holdings Plc James Mwangi.
The institution has had a long partnership with Mastercard Foundation in implementing successful social impact programs especially the transformative Wings to Fly program and the Financial Knowledge for Africa program (FiKA).
“Investment in young people is critical for economic growth and pays dividends over the long-term. With the right investments in relevant skills, financial services, networks, and markets, these young people will find dignified and fulfilling work which will improve their lives and those of their communities. Young Africa Works – Kenya builds on this momentum to prepare and connect young people to opportunities that will grow the economy and transform their lives, ” said Mastercard Foundation president and CEO Reeta Roy.