Nairobi, Kenya-based financial services firm Equity Group Holdings has signed an agreement with global consulting firm MicroSave Consulting (MSC), aiming to enhance financial inclusion and gender equity in East Africa's fisheries sector.
The agreement specifically focuses on increasing the availability of technology and improving the data-backed decision-making capabilities of small- and medium-sized aquaculture operations across multiple countries, including Kenya, Rwanda, South Sudan, Tanzania, Uganda, and the Democratic Republic of the Congo.
Equity Group Holdings CEO James Mwangi said the partnership aims to leverage digital public infrastructure and AI to elevate the region's fisheries sector "from traditional, informal engagements into modern economic engines that attract capital [and] improve productivity."
With the agreement now signed, Equity and MSC are expected to work on a structure outlining how they plan to encourage "a business-oriented mindset among fishers in the region, promoting financial literacy, and widening access to financial credit and services, especially those tailored for women and youth engaged in the fisheries sector."
Some concrete interventions expected to come out of this collaboration include capacity-building through joint training programs for professionals up and down East Africa's seafood value chain, development of climate-smart financial solutions for the fisheries sector, the deployment of technologies such as cold storage infrastructure to reduce post-harvest losses, and creating insurance mechanisms to de-risk lending to seafood value chain actors in the region.
“Initial implementation will begin in Kenya, with plans to scale to other markets, where Equity Group Holdings operates, upon successful execution with the initiative targeting a wide range of beneficiaries across the fisheries value chain, including fishers, aquaculture farmers, traders, processors, feed producers, and exporters,” Equity Group Holdings said in a statement.
MSC, which has worked alongside Equity Group since 2001 to enhance financial inclusion and broaden access for African businesses requiring financial services, will take the lead in research, baseline assessments, and capacity-building, including training both sector players and Equity staff on fisheries dynamics.
Equity, on the other hand, will design and deliver tailored financial products aligned to the fisheries sector’s unique needs, while Equity Group Foundation, a nonprofit arm of the firm that spearheads the bank's corporate social responsibility projects, will complement these efforts through entrepreneurship training, mentorship, and acting as a liaison among the region's seafood value chain players.
