Femme StaffThe global refugee crisis demands innovative solutions, and the private sector has a crucial role to play. This was the central message at the High-Level Regional Workshop on Enhancing Private Sector Investment for Economic Empowerment of Forcibly Displaced and Host Communities, hosted in Nairobi by the African Development Bank, UNHCR, IGAD, and EAC. Equity Group, a key player in driving financial inclusion across East and Central Africa, shared its impactful work in empowering forcibly displaced persons (FDPs).
With over 103 million people forcibly displaced worldwide, the challenge is immense. The majority find refuge in low- and middle-income countries, facing significant hurdles in rebuilding their lives. Beyond the immediate struggle for safety, refugees encounter barriers to employment, entrepreneurship, and access to essential financial services. This precarious situation limits their ability to achieve self-reliance and contribute to their host communities.
Saralyn Wairimu, Associate Director for Social Protection at Equity Group Foundation (EGF), highlighted Equity’s commitment to providing innovative financial solutions for FDPs and their host communities. “Equity is fostering integration and cohesion of refugees through a regional program funded by the International Finance Corporation(IFC),” Wairimu explained. “This initiative, implemented in collaboration with UNHCR, underscores the importance of collaborative efforts to address this complex crisis.”
Equity’s approach recognizes that FDPs are not merely recipients of aid, but potential agents of economic growth. By providing access to financial tools and resources, Equity empowers these individuals to build sustainable livelihoods and contribute meaningfully to their new homes.
Concrete Action: Equity’s Impact on the Ground
Equity’s commitment goes beyond rhetoric. The group has implemented a range of initiatives to support FDPs in Kenya, Uganda, Rwanda, South Sudan, and the DRC, including:
- Financial Inclusion: Providing access to savings, credit, payment, insurance, and investment opportunities tailored to the unique needs of refugees.
- Digital Innovation: Leveraging its digital banking infrastructure to disburse over $220 million to over 1 million refugees through cash-based assistance programs.
- Capacity Building: Facilitating financial literacy and entrepreneurship training, empowering over 1,000 individuals in 2023 alone.
- Strategic Partnerships: Collaborating with humanitarian agencies to reduce regulatory barriers and advocate for inclusive policies that ensure FDPs can access formal financial systems.
- Education: Providing scholarships to over 6,000 refugee scholars through the Elimu program, in partnership with the Government of Kenya and the World Bank.
- Accessibility: Opening bank branches and establishing over 250 Equity Agent outlets within refugee hosting locations, including Kakuma, Dadaab, and Kalobeyei, with a significant number of these outlets owned by refugees themselves.
- Healthcare: Establishing Equity Afia clinics to provide accessible healthcare for both urban and camp-based refugees.
- Risk-Sharing Facility: Partnering with the International Finance Corporation (IFC) on a $20 million risk-sharing facility to further expand financial inclusion for refugees and host communities in underserved regions.
These examples demonstrate Equity’s belief in the power of partnerships and the potential of FDPs to drive positive change. By working alongside governments, humanitarian organizations, and other private sector actors, Equity is creating scalable and sustainable solutions to one of the most pressing global challenges of our time. The group’s commitment to transforming lives, giving dignity, and expanding opportunities for wealth creation is not just a corporate slogan, but a driving force behind its impactful work with forcibly displaced persons.
