City youth take part in entrepreneurship initiative to raise financial literacy

Caroline Ngumbi receives her certificate from Dr Kennedy Odede at the youth entrepreneurs' graduation in Nairobi on Nov 11, 2024. [Sofia Ali, Standard]

Hundreds of youths in Nairobi County can now invest and make sound business decisions after undergoing a financial literacy course designed to foster entrepreneurship.

The graduates, who completed a two-month course, say they are now better equipped to operate sustainable businesses that could employ thousands of others.

The 1,300 young entrepreneurs graduated yesterday after spending two months undertaking basic coaching on how to operate a profitable and risk-free business.

The programme was sponsored by Shining Hope for Communities (Shofco), an NGO focused on empowering women and youths in urban slums.

"Those who have graduated will get a loan facility from Shofco Sacco at a low interest rate of 6 per cent. We need to empower our young people by making them business owners. Once trained, they can start their businesses and employ other youths," Shofco founder Kennedy Odede said.

Those who graduated joined more than 5,000 others in Nairobi County. Plans are underway to enlist 3,000 youth in Mombasa for the programme in the next three months, with several other counties also lined up.

"Running a business in Kenya is not easy, especially when you are a young person. That is why we must empower our young people through training and give them financial support and that's what we're doing," added Dr Odede.

At the same time, he called on the youth to take advantage of the opportunity they have been given to improve their lives.

"You will not find a loan anywhere in Kenya at six per cent per annum. For us, it is not about making profit, it is about empowering young people. We give them loans without asking for their CRB status or collaterals because we believe in them even if financial institutions out there aren't so much willing to deal with them," he said.

Florence Kangethe, a beneficiary of the programme, said the training was a turning point, especially for young mothers who cannot make ends meet. "We all know that it is not easy to get money now for any business," she said.

This year, Shofco Sacco has given out Sh40 million in the form of loans to youth to either expand or start their businesses.

"We want the youth to run successful businesses to employ other young people. That is the only way to kill joblessness that is very rampant at the moment across the country," said Shofco Sacco General Manager Victor Owiti.