Nairobi, Kenya, September 17 – UAP Old Mutual Foundation has launched a new financial literacy program designed to reach an estimated 1 million young people and expand economic and social opportunities for youth in Kenya.
UAP Old Mutual Foundation has partnered with Shujaaz Inc, the network of social ventures behind East Africa’s biggest youth brand ‘Shujaaz’, to launch the initiative which will connect young people with the skills and support they need to start businesses, create work opportunities for their peers, and take control of their financial futures.
Young people participating in the program will access peer-to-peer online training in key financial skills, including saving, investing, budgeting, and debt management, which are crucial for their financial success at a personal and entrepreneurship level.
Speaking during the partnership signing ceremony, Apollo Njoroge the Managing Director of Faulu Microfinance Bank said that the initiative’s main aim is to connect youth with the skills and support they need to start and scale their businesses and manage their financial lives.
“The goal of this partnership with Shujaaz Inc is to help break barriers that stand in the way of youth taking control 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,” said Mr Njoroge, who is also a trustee of UAP Old Mutual Foundation
Rob Burnet, CEO of Shujaaz Inc, added that: “Across Kenya, millions of young people are running their own businesses, adding Kshs 32bn to the economy every month, and creating work opportunities for young people in their communities. But too often, they go overlooked, or feel excluded from 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.”
Financial literacy was one of the areas identified by Shujaaz Inc research that would enable young people to improve their business skills. The partnership will address a significant challenge youth face; access to relevant financial skills training, a core component in making their dreams in life a reality.
Mr Njoroge also said that UAP Old Mutual Group was keen on promoting financial inclusion in Kenya, crucial to attaining the global Sustainable Development Goals. “Financial inclusion is a long-term process. Empowering youth with financial skills is a critical step toward achieving financial inclusion as they (youth) form the majority of the population.”