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As part of African Bank’s rebirth and repositioning to become a major banking player in South Africa, one constituency it is determined not to leave behind is the country’s youth, who are faced with a multitude of socioeconomic challenges.
The biggest issue they face is arguably the youth unemployment crisis, with more than half of the country’s young population without a job.
Playing its part in addressing youth unemployment, African Bank has partnered with creative marketing agency Empowaworx to form youth development initiatives that assist disadvantaged young people with much-needed critical work and entrepreneurial skills development, as well as funding opportunities.
African Bank group chief transformation and sustainability officer Edna Montse says the bank currently has two flagship youth programmes:
- The first is centred on youth development and is aimed at those who aspire to work within the corporate environment; and
- The second is focused on entrepreneurship and is targeted at youth who need support in getting their ventures ‘industry ready’.
Montse notes that the youth initiatives are part of African Bank’s broader Excelerate25 strategy.
Supporting young entrepreneurs
“The bank is on a mission to return to its heritage as an African bank that is ‘for the people, by the people, serving the people’. Part of this includes exposing entrepreneurs to a network of support and to finances,” says Montse.
“While African Bank runs youth empowerment programmes with a number of partners, what it really looks to do, is to ask, how do we connect with the youth and look for opportunities to be able to develop them?”
The bank’s enterprise development initiative is a year-long programme that offers candidates the opportunity to put their business ideas to a network of service providers and prospective funders. These funders include private equity firms as well as African Bank itself, which can assist with grants and funding.
“The candidates pitch for funding once they’ve received the relevant development and skills to make their businesses solid and fundable. This is done because sometimes you find that you have a great idea, you’ve been running a business, but you can’t really be backed by funders because there are certain gaps,” explains Montse.
Business banking expansion
Historically a consumer-focused lender, African Bank last year acquired private and corporate financial provider Grindrod Bank as part of its plans to re-enter the business banking and small- and medium-sized enterprise arenas.
Montse says strengthening its foothold in business banking will allow the bank to better serve entrepreneurs.
“Last year we decided we wanted to go into business banking, and we acquired Grindrod Bank. It provides us with the rails and the base to start to deliver business banking and expand on how we see business banking and entrepreneurship as African Bank,” she adds.
Brought to you by African Bank.
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