UNDP Tanzania and Stanbic Bank Join Forces to Fuel the Growth of Startups and MSMEs in Tanzania
April 14, 2023
UNDP and Stanbic Bank sign MOU to enhance access to capital for startups and MSMEs in Tanzania
UNDP through its FUNGUO Innovation Programme, with support from the European Union and in collaboration with Stanbic Bank, has signed a Memorandum of Understanding (MOU) to promote innovation and entrepreneurship in Tanzania. The ceremony was attended by stakeholders in the innovation ecosystem, development partners, and representatives from MSMEs associated with the Stanbic Biashara Incubator, and was officiated by UNDP Resident Representative, Christine Musisi and Stanbic Bank Tanzania CEO, Kevin Wingfield.
Through the partnership between UNDP's FUNGUO programme and Stanbic Bank's Biashara Incubator, the focus will be on enhancing access to diverse sources of capital for MSMEs and startups, improving the quality of business development services offered to women and youth-led startups, and creating a supportive environment for innovators. The event also marked the launch of a two-day training workshop on the "Fundamentals of Capital Raising for Startups and Innovative MSMEs," which was the first joint activity between the two partners.
During the event, UNDP Resident Representative, Christine Musisi emphasized how the partnership will leverage ongoing initiatives and engage existing partners to add value to the collaboration. “With the financial support of our partners, our partnership will enhance MSMEs and startups access to diverse sources of capital, creating employment opportunities for young entrepreneurs and contributing to the country’s economic growth,” commented Musisi. Stanbic Bank Tanzania CEO Kevin Wingfield expressed his excitement to collaborate with UNDP Tanzania on this initiative, stating that the bank remains committed to supporting entrepreneurs and small businesses. “We believe that this partnership will go a long way in enhancing access to capital and business development services for Tanzanian startups and MSMEs,” Wingfield added.
This partnership represents a significant step towards fostering innovation and entrepreneurship in Tanzania, particularly for startups and early-stage enterprises led by women and youth. It presents an opportunity to improve the availability of financing and the quality of business development services, which are essential for the growth and sustainability of MSMEs and startups.
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