Shofco rescue 380 youth led business as financial literacy hinder youth empowerment

By Anthony Zoka.

Lack of knowledge on financial literacy among youth in Kilifi County has been named among the challenges dwindling their economic growth as 380 youth graduate courtesy of Shofco Sacco.

According to Swalehe Munga, a financial trainer based in Rabai, there is a need to engage more youth in business and financial management for them to stand a chance of prospering through various empowerment programs by both the government and non-government organizations.

Speaking at Kilifi, during the graduation ceremony, Munga stressed on the need to have proper measures to empower the youth with skills.

“What Shofco has done should be emulated, being among the trainers on a financial literacy course for the 380 youth, I can confirm that most youth fail at the budgeting process in their business ending up using funds for the wrong purpose hence failing to achieve their goals.” Noted Munga.

Munga maintained that the financial literacy course by Shofco will go a long way in changing the way of doing business among the youth.

Peris Mnyazi, admitted having had challenges in keeping business records, something that she now understands courtesy of the 8 weeks training on business and financial management.

Mnyazi said that the organization was God sent to make youth led businesses prosper and become self-reliant.

“ I used to spend a lot of money on something that I can now see as less important because it was not related to my business. My focus now is to put this knowledge into practice.” She revealed.

At the same time, Tazams Safari, who runs a serial shop, thanked the organizers for taking them through the course assuring of making his business bigger in the near future.

“Some of us youth fail to secure loans because we are not good in budgeting and also we lack a saving culture to boost the chances of getting funds from financial institutions, but the knowledge that gathered during the training has changed the way of doing my business.” Said Safari.

However Shofco incharge of the coastal region, Fednant Oduya, revealed that plans are on to roll out financial literacy training sessions to youth not only in Kilifi but across the coastal region targeting youth in business.

Oduya called on more youth to volunteer their time and embrace financial literacy training and urged them to join Sacco for business growth.

“As Shofco we will be offering business support loans to those youth led businesses after graduation from the financial literacy course. The first loan can not exceed 50,000 with a grace period not less than 12 months.” He said.

However, the officer was quick to note that each youth will be given a loan after assessment of his/her business to establish the possible amount one can be given depending on the needs report by their officers.

Oduya revealed that more youth with business will be enrolled for similar training as a move by Shofco sacco to empower the youth to be self-reliant and reduce the chances of youth engaging in drug and substance abuse due to idleness.