The young people in Africa represent a powerful force for economic growth and innovation. However, the continent faces a significant challenge: unemployment amongst young women and men. To address this pressing issue, Mastercard Foundation partnered with KCB Foundation to launch a transformative partnership that promises to upskill, incubate, and finance the young women and men of Kenya.
The Urgent Need for Young Adult Employment in Kenya
Kenya, like many African nations, is home to a growing young population with immense potential. However, this demographic dividend can turn into a demographic crisis if these young people are unable to find meaningful employment. It is estimated that in the next five years, approximately six million Kenyans will be either unemployed or underemployed.
A Goal Worth Pursuing
In light of this challenge, Mastercard Foundation and KCB Foundation have set an ambitious yet attainable goal: to empower five million young Kenyans with dignified and fulfilling work by the year 2030. This initiative aligns with Kenya's Vision 2030 agenda, which emphasizes the importance of employment amongst young women and men and overall economic development.
A Multi-Faceted Approach
To achieve this goal, the partnership employs a multifaceted approach that aligns perfectly with Kenya's economic landscape:
Support for Micro, Small, and Medium-Sized Enterprises (MSMEs): MSMEs play a pivotal role in job creation, and providing them with access to finance and business development services is a strategic move. It nurtures entrepreneurship and boosts local economies.
Digital Skills for All: The partnership recognizes the digital revolution's potential and aims to connect young people to online work opportunities. Importantly, there is a strong emphasis on ensuring that digital skills programs are accessible to young women, addressing gender disparities in the tech industry.
Education and Skills Development: Scholarships for young women to access manufacturing and construction work represent a significant investment in bridging the skills gap. Furthermore, refining offerings from technical training institutions ensures that young graduates are equipped with the skills demanded by employers.
Priority Sectors for Growth
This groundbreaking initiative also identifies priority sectors that are pivotal in driving job creation and economic growth in Kenya. These include agriculture, manufacturing, housing, healthcare, marketing, and artificial intelligence. By focusing on these sectors, Mastercard Foundation and KCB Foundation are strategically channeling their efforts where they can make the most substantial impact.
