Mastercard Foundation Commits to Addressing Youth Unemployment in Africa

The Mastercard Foundation on March 22 made an announcement on a commitment to allow 30 million African youth, particularly young women, to safeguard a dignified and rewarding work by the year 2030.

The Foundation also publicized two other programs at an event in Kigali, Rwanda’s capital, aimed at enhancing the goal of increasing economic opportunities for the young African population.

The announcement aligns itself with the Foundation’s determined new strategy, Young Africa Works. The strategy looks at tackling the problem of youth unemployment in Africa and reducing poverty on the continent.

 The approach came to fruition after extensive consultations with various African leaders, the young individuals, the private sector, educational institutions, and the civil society

The continent has one of the highest unemployment rates compared to the rest of the world. The youth are the least employed. By 2030, there will be more than 375 million people under the age of 35 in the labor market.

Africa’s population growth projects a situation that will see more young people by 2035 enter the workforce each year than the rest of the world combined. By 2050, a quarter of the world’s working age population will be African. This will make Africa the largest workforce in the world.

“Youth unemployment in Africa is the issue of our time. Together, we have an extraordinary opportunity to shape the future and increase prosperity for all,” said Reeta Roy, Mastercard Foundation President, and CEO. “In fact, young people are leading the way. Let’s support their aspirations for their communities and their countries.”

The Young Africa Works strategy banks on what the Foundation has learned after a decade of working in Africa through expansion of education and financial inclusion. It focuses on collaborating with African organizations and coming up with solutions specific to a country’s economic needs.

The Foundation’s programs through the collaboration with the African governments will identify areas of priority and equip the youth with the necessary skills needed in the job industry. In addition, the strategy will enable the adoption of technology to connect employers and job seekers as well as enabling entrepreneurs and small businesses to expand through financial inclusion.

Angela Nzioki, Co-Founder and Manager of Pluspeople Kenya Limited and a youth panelist said that she always encounters “young Africans whose potential is going untapped.”

“They are innovative, passionate, and talented, and they want a chance to prove themselves. For Africa to prosper, young people need to be at the heart of the policies and strategies of governments, universities, employers, and donors,” she added.

The Foundation marked the event with a commitment of 100 million US dollars to two Rwandan programs, which includes one dubbed Hanga Ahazaza aimed at increasing employment opportunities for the young Rwandan population, and Leaders in Teaching, which will support the delivery of high quality, relevant secondary education.

It will also establish the pan-African Centre for Innovative Teaching and Learn in ICT that will explore new approaches to improving educational outcomes.

The initiative will equip 30,000 young men and women with customer service, ICT, and digital literacy skills, and provide on-the-job training and opportunities for employment. It will also support small businesses in the tourism and hospitality sector through increased access to financial services and business development skills so they can create more employment opportunities for young people.

The event was graced by Rwandan’s Prime Minister Édouard Ngirente and other ministers as well as other dignitaries.