The UAP Old Mutual Foundation has started a new financial literacy program aimed at reaching an estimated 1 million youth in Kenya and expanding their economic and social potential.
The UAP Old Mutual Foundation has partnered with Shujaaz Inc, the network of social ventures behind East Africa’s most popular youth brand, Shujaaz. This initiative will provide young people with the skills and support they need to start businesses, create jobs for their peers, and take control of their financial futures.
The training access
Young people in the program will have access to peer-to-peer online instruction in fundamental financial skills such as saving, investing, budgeting, and debt management, which are critical for personal and enterprise financial success.
Apollo Njoroge, the Managing Director of Faulu Microfinance Bank, stated that the initiative’s major goal is to link youngsters with the skills and support they need to establish and develop their enterprises and manage their finances.
The aim of this partnership with Shujaaz Inc is to assist break down the barriers that prevent young people from taking charge of their financial future.
“Through this initiative, we hope to connect our youth to the skills they need so that they can make the right financial decisions to enhance their ability and capacity to venture into successful businesses.” Apollo Njoroge.
Mr. Njoroge also stated that the UAP Old Mutual Group was committed to fostering financial inclusion in Kenya, which is critical to achieving the United Nations’ Sustainable Development Goals.
Across Kenya, millions of young people are starting their own enterprises, contributing Kshs 32 billion to the economy each month and creating jobs for their peers. However, they are frequently disregarded or feel shut out of the formal financial sector.
“That’s why we’re so pleased to be launching this pilot project with one of Africa’s leading Financial Service Groups, to connect young people with the skills and the support they need to scale their businesses and navigate a fast-changing economy.” Rob Burnet, CEO Shujaaz Inc.
Shujaaz Inc’s research identified financial literacy as one of the areas where young people may improve their business abilities. This partnership will address a fundamental issue that youth face: gaining access to relevant financial skills training, which is a critical component in realizing their life goals.
Sources: Capital FM & KBC Business