Barclays Bank Of Kenya has this week announced its decision to invest Kshs.230 million in youth empowerment projects to be rolled out under its Shared Growth Agenda. With the investment the bank is planning to provide 70,000 Kenyan youth with the skills needed to attain economic independence. The Shared Growth Agenda will be driven through 3 pillars that is Education and skills, Enterprise Development and Financial Inclusion. Through this initiative the bank plans to offer sustainable solutions to some of societal challenges through commercial business models.
Under Education and Skills, the bank will equip the next generation with the skills and development they need to secure employment. ReadytoWork is the flagship programme under this pillar and prepares young people for the world of work by providing online courses on a range of people, work, entrepreneurial and money skills.
As for the second pillar which is Enterprise Development, Barclays will help young people start, run and grow their businesses in order to generate income and employment. While in the Financial Inclusion pillar, the bank will enter into partnerships in a bid to facilitate the development of technology that will promote inclusive banking models in order to increase access to financial services to the underserved.
Speaking at the event Mr.Jeremy Awori, Managing Director , BBK had this to say, “Youth unemployment in Africa is a big issue that stands in the way of inclusive prosperity and the ‘Africa rising’ narrative. We are therefore investing in solutions that will ensure that the society thrives socially and economically.”
With 200 million people aged between 15 and 24, Africa has the youngest population in the world. In Kenya, young people aged between 0 and 35 years of age form more that 60% of the population. This is an asset, which if armed with the appropriate skills set has the potential to transform Kenya into an economic power house.
In this program, Barclays will partner with 7 organisations that already promote the youth empowerment agenda to drive the initiative. These include Shining Hopes for Communities (SHOFCO), Junior Achievement, Care Kenya, Technoserve, International Youth Foundation (IYF), Strathmore University and the University of Nairobi.