The UAP Old Mutual Foundation has launched a new financial literacy program designed to reach an estimated 1 million young people. The program is also targeted at expanding economic and social opportunities for youth in Kenya.
The Foundation has partnered with Shujaaz Inc, a network of social ventures behind East Africa’s biggest youth brand Shujaaz, to launch the initiative. This 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.
Youth participating in the program will access peer-to-peer online training in key financial skills, including saving, investing, budgeting, and debt management.
Speaking during the partnership signing ceremony, Apollo Njoroge the Managing Director of Faulu Microfinance Bank said, “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.”
Rob Burnet, CEO of Shujaaz Inc, added, “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.
UAP Old Mutual and Shujaaz Inc will collaborate to design the personal finance training programme which will be tailored to the day-to-day reality of the lives of young people across Kenya. The blended learning programme will connect young people directly to peer-mentors through user-designed training videos and community-led online discussions and meet-ups, available through Shujaaz Inc platforms.