Africa is on the cusp of a demographic boom. According to the United Nations, sub-Saharan Africa is projected to experience explosive population growth, accounting for over half of the world’s increase between 2022 and 2050.
This surge presents a unique opportunity: a massive pool of young talent ready to reshape the continent’s economic landscape.
However, the gravity of the situation cannot be understated; Africa’s youthful population, brimming with potential, is grappling with a significant challenge: unemployment.
Surveys conducted by Afrobarometer, a pan-African research network, reveal that addressing unemployment is the top policy priority for young Africans aged 18 to 35.
Afrobarometer findings highlight the urgent need for economic opportunities that can harness their skills and ambitions.
The answer lies in Africa’s potential for economic transformation. The Africa Continental Free Trade Area (AfCFTA) offers a powerful solution. As the world’s largest free trade area by population, the AfCFTA connects 1.3 billion people across the continent, creating a combined economic powerhouse with a GDP of $3 trillion.
AfCFTA promises many benefits, such as fostering increased competition, attracting foreign investment, and promoting economies of scale. It can also facilitate knowledge transfer and technology, leading to greater productivity and economic diversification.
Despite its potential, the success of the AfCFTA hinges on practical implementation.
Equity Leaders Program
The following sections explore how Equity Group Holdings (EGH) nurtures this potential through its impactful Equity Leaders Program (ELP). ELP empowers Africa’s young workforce to drive the continent’s economic future aligned with the African Union’s Agenda 2063, ‘Our Aspirations for the Africa We Want’.
Launched in 1998, the ELP has evolved into a prestigious program that empowers academically gifted Kenyan students from disadvantaged backgrounds.
ELP identifies and equips them with the knowledge, skills, and experiences necessary to become transformative leaders in Africa’s high-value growth sectors.
The group says, “The ELP currently has 23,825 university scholars, with 891 attending or being alumni of global universities.”
At the end of 2023, the Equity Leaders Program (ELP) has supported 23,825 University scholars and alums of the program. The program has seen 891 scholars attend global universities, including 199 who have attended Ivy League universities.
A Holistic Approach to Leadership Development
The ELP goes beyond traditional academic education. Here’s a breakdown of its comprehensive approach:
- Meritocratic Selection: Top-performing students from across Kenya’s sub-counties, where Equity Bank has a branch, are selected based on their Kenya Certificate of Secondary Education (KCSE) results and performance in the Wings to Fly program (EGH’s scholarship program for primary education). This ensures a diverse and meritocratic selection process.
- Mentorship and Guidance: Scholars benefit from dedicated mentors who provide valuable guidance throughout their academic and professional journeys. Mentors are seasoned professionals and alumni who offer real-world insights and career support.
- Paid Internship: Before joining local or global universities, ELP scholars gain valuable work experience through a two-month paid internship at Equity Bank. This provides practical exposure to the financial services industry and hones essential workplace skills. To date, 8,878 internships have been offered by Equity Bank. Bright students who do well in the Kenya Certificate of Secondary Education are further supported to access leading global universities on full scholarship, where 914 scholars have proceeded to 211 universities worldwide.
- University Scholarships: The ELP offers financial support for scholars to pursue their chosen degrees at leading universities in Kenya and abroad. Equity Group Holdings’ 2023 financial results showcase continued investment in education, with social investment programs like the ELP receiving a significant portion of allocated funds.
- Leadership Development Workshops: Throughout the program, scholars participate in workshops focused on leadership, communication, critical thinking, and problem-solving. These workshops equip them with the tools to navigate complex situations and inspire others.
High-Value Growth Sectors
The ELP curriculum prepares young leaders for success in Africa’s most dynamic sectors.
“The essence of this program (ELP) is to solve Africa’s underlying problem,” said Dr James Mwangi during the 2023 Equity Leaders Program Airlift Commissioning.
Dr James paints a picture of Africa as a land of contradictions. It boasts a staggering 1.3 billion of the world’s youngest and most vibrant labour force, a staggering 40 per cent of all the natural resources on Earth, and a vast 20 per cent of the entire land mass of the world.
“When we talk about transformation and industrialisation, we say there are three prerequisites: labour, land, and capital, and capital is our natural resource in Africa. But the question is, why has Africa yet to transform? Dr James underlines the urgency of the situation.
“These production factors, while abundant, need to be harnessed and organised. The individuals who can do this, the leaders and entrepreneurs, are the ones who can truly transform Africa. This is not a task for the distant future but a pressing need of the present.”
“The equity leadership program tries to tap into the most gifted in our African society. Bring them (students) together and challenge them to grow as leaders who will transform the African continent. That leadership needs to be exposed in societies that have transformed themselves, and that is how we say we are building a critical mass of leaders,“ he explains.
Here’s how the program aligns with key growth areas:
- Financial Services: Equity Group recognises the crucial role of a skilled workforce in the financial sector’s continued growth. The ELP exposes scholars to various aspects of finance, potentially piquing their interest in pursuing banking, investment, or financial technology careers.
- Science, Technology, Engineering, and Mathematics (STEM): Africa’s rapid technological advancement requires a robust STEM talent pool. The ELP encourages scholars to consider STEM fields by providing access to resources and mentorship that can guide them towards STEM-related careers.
- Agribusiness: Agriculture remains a significant driver of African economies. The ELP curriculum incorporates elements that could lead scholars towards careers in agricultural technology, sustainable farming practices, or value chain management within the agribusiness sector, leveraging data from Equity Group’s support for over 3.8 million small-scale farmers in 2023.
- Entrepreneurship: Fostering a culture of entrepreneurship is vital for Africa’s economic development. The ELP encourages scholars to develop their entrepreneurial skills and consider starting their businesses in sectors with high growth potential.
- Public Service and Social Impact: Effective leadership is needed in the public sector and social impact organisations. The ELP instils a sense of social responsibility and civic duty in scholars, potentially motivating them to pursue careers in public service or lead impactful social enterprises.
DRC’s Minister of Foreign Trade Jean Lucien Bussa, Vice-Prime Minister for DRC H.E Eve Bazaiba, Equity Group Managing Director & CEO Dr. James Mwangi and former Cabinet Secretary Ministry of Industrialization, Industry and Enterprise Development Hon. Betty Maina during the launch of the Equity Leaders Program in DRC. The inaugural ELP class of 131 top-performing young scholars who topped the final six secondary school examinations will join EquityBCDC for a 2-6 months paid internship program.
Impactful Results: Cultivating Leaders Who Make a Difference
The achievements of its alums can measure the ELP’s success. In 2023 alone, 34 scholars secured admissions to prestigious global universities like Yale, Columbia, and Cornell. Today, a growing network of over 18,735 alums actively contributes to Africa’s development across various sectors.
Equity Group Holdings’ 2023 financial results highlight the program’s continued focus on mentorship and leadership development. These alumni drive innovation within established organisations, start businesses, create jobs, and address critical social challenges.
“The Group envisions innovation, driven by youth, as the nucleus of Africa’s technology evolution, a space where talent and startups thrive, and a driver of the digital transformation targeted to define the continent’s social and economic future for generations to come.”
Looking Forward: Investing in Africa’s Future Leaders
The Equity Leaders Program continues to testify to the power of investing in young talent. By providing access to education, mentorship, and practical experience, EGH empowers young leaders equipped to tackle Africa’s most pressing challenges and lead the continent towards a brighter future.
