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| UNDP Resident Representative, Ms. Christine Musisi (second left) and Stanbic Bank Tanzania Chief Executive, Mr. Kevin Wingfield (right) sign a Memorandum of Understanding (MoU) that seeks to enhance access to capital and business development services for Tanzanian startups and MSMEs through the UNDP Funguo Programme and Stanbic Business Incubator. Also Pictured are: Kai Mollel, Head of Stanbic Business Incubator (right) and Joseph Maniraliza, UNDP Funguo Project Manager. |
The collaboration seeks to provide technical assistance, linkages, and exposure to potential investors and funders, thus enhancing MSMEs and Startups’ chances of accessing diverse sources of capital. UNDP Tanzania and Stanbic Bank Tanzania will leverage their respective ongoing initiatives and engage their existing partners where applicable to add value to this collaboration.
The official signing of the MOU to signal the beginning of the partnership took place at a breakfast event attended by key Tanzanian innovation ecosystem stakeholders, startups founders within the FUNGUO Portfolio, representatives of MSMEs associated with Stanbic Biashara Incubator, and the media. The event also marked the kick-off of the first joint activity, a two-day training workshop on “Fundamentals of Capital Raising for Startups and Innovative MSMEs”
The partnership aligns with Goal 17 of the United Nations Sustainable Development Goals, which emphasizes partnerships for sustainable development. UNDP Tanzania and Stanbic Bank Tanzania recognize that collaboration is essential in catalyzing the Tanzanian innovation and entrepreneurship ecosystem, and they are committed to working together to drive sustainable development through partnership.
Speaking on the partnership, Ms. Christine Musisi, Resident Representative of UNDP Tanzania, commented, "We are thrilled to partner with Stanbic Bank Tanzania to promote innovation and entrepreneurship in Tanzania. We believe that this partnership will help us enhance access to capital and business development services for Tanzanian startups and MSMEs, thereby creating employment opportunities for Tanzanian young men and women, and ultimately contributing to the country's economic growth."
Similarly, Mr. Kevin Wingfield, Chief Executive of Stanbic Bank Tanzania, said, "We are excited to collaborate with UNDP Tanzania on this initiative. As a bank, we remain committed to supporting entrepreneurs and small businesses, and we believe that this partnership will go a long way in enhancing access to capital and business development services for Tanzanian startups and MSMEs."
About the Funguo Innovation Programme
FUNGUO is a UNDP Initiative funded by the European Union as part of the “Business Environment, Growth and Innovation” (BEGIN) Programme. Other funders include UNDP itself and the UK Government through the Africa Technology and Innovation Partnerships (ATIP). The programme aims to increase the number of successfully scaled innovative ventures. It does so by addressing the challenges and gaps in the innovation ecosystem that hinder the scaling of innovative impact ventures, while fostering an environment that supports innovation for development and empowers innovators, entrepreneurs, and enablers. UNDP Tanzania leads the programme implementation in partnership with UNCDF, and works in close collaboration with COSTECH, ICT Commission among and other partners.
About the Stanbic Biashara Incubator
Stanbic Biashara Incubator is a unit within Stanbic Bank Tanzania created in line with the Bank’s purpose “Tanzania is our home, we drive her growth”, to support SME development, with aim of improving the sustainability of Small, Medium and Startup enterprises.
The Incubator supports and nurtures SMEs, startups and innovators, enabling them to develop and grow by bridging identified gaps in business development, market access and financing.
The official signing of the MOU to signal the beginning of the partnership took place at a breakfast event attended by key Tanzanian innovation ecosystem stakeholders, startups founders within the FUNGUO Portfolio, representatives of MSMEs associated with Stanbic Biashara Incubator, and the media. The event also marked the kick-off of the first joint activity, a two-day training workshop on “Fundamentals of Capital Raising for Startups and Innovative MSMEs”
The partnership aligns with Goal 17 of the United Nations Sustainable Development Goals, which emphasizes partnerships for sustainable development. UNDP Tanzania and Stanbic Bank Tanzania recognize that collaboration is essential in catalyzing the Tanzanian innovation and entrepreneurship ecosystem, and they are committed to working together to drive sustainable development through partnership.
Speaking on the partnership, Ms. Christine Musisi, Resident Representative of UNDP Tanzania, commented, "We are thrilled to partner with Stanbic Bank Tanzania to promote innovation and entrepreneurship in Tanzania. We believe that this partnership will help us enhance access to capital and business development services for Tanzanian startups and MSMEs, thereby creating employment opportunities for Tanzanian young men and women, and ultimately contributing to the country's economic growth."
Similarly, Mr. Kevin Wingfield, Chief Executive of Stanbic Bank Tanzania, said, "We are excited to collaborate with UNDP Tanzania on this initiative. As a bank, we remain committed to supporting entrepreneurs and small businesses, and we believe that this partnership will go a long way in enhancing access to capital and business development services for Tanzanian startups and MSMEs."
About the Funguo Innovation Programme
FUNGUO is a UNDP Initiative funded by the European Union as part of the “Business Environment, Growth and Innovation” (BEGIN) Programme. Other funders include UNDP itself and the UK Government through the Africa Technology and Innovation Partnerships (ATIP). The programme aims to increase the number of successfully scaled innovative ventures. It does so by addressing the challenges and gaps in the innovation ecosystem that hinder the scaling of innovative impact ventures, while fostering an environment that supports innovation for development and empowers innovators, entrepreneurs, and enablers. UNDP Tanzania leads the programme implementation in partnership with UNCDF, and works in close collaboration with COSTECH, ICT Commission among and other partners.
About the Stanbic Biashara Incubator
Stanbic Biashara Incubator is a unit within Stanbic Bank Tanzania created in line with the Bank’s purpose “Tanzania is our home, we drive her growth”, to support SME development, with aim of improving the sustainability of Small, Medium and Startup enterprises.
The Incubator supports and nurtures SMEs, startups and innovators, enabling them to develop and grow by bridging identified gaps in business development, market access and financing.
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