‘Support us’ – MFIs urged
Young people have appealed for financial support from Micro financial Institutions (MFIs) as they are struggling with lack of capital and are besieged to enhance their businesses. This was indicated by young people who are part of the Safe and Inclusive Cities (SAIC 2.0) project, implemented by Bulawayo Vendors and Traders Association (BVTA) in partnership with Plan International, during an engagement session with MFIs. Young people revealed that MFIs should avail more funding, review their terms and diversify their loan portfolios to ensure that all young people with sound business proposals are supported financially. “Access to financial services can help ease the stresses associated with the challenges we face as young people starting from school, home, getting married and not getting jobs, said Masimba Bunu. “Building a financially inclusive ecosystem on a sustainable basis requires the involvement of a key constituency in the economy, the youth. One cannot talk of financial inclusiveness without addressing the challenge of involving the young in the discussion and practice of financial inclusion,” said Mr Brown from MoB Capital. Financial exclusion is not only a reality for most members of our society but it is especially true, that for youth, who are particularly vulnerable. During the engagement session, it was also revealed that it is important to provide youths with information on saving and opportunities to accumulate businesses. “The considered view of the organization is that MFIs should consider tailor making packages specific to young entrepreneurs,” said BVTA Executive Director Mr Michael Ndiweni. “We want to see young men and women who are financially independent and have decent income, young people must have businesses that create employment opportunities, generate income for them and save them from engaging from harmful things, rather keeping them only busy,” Mthandazo Bhebe told The Lokshin Pulse.
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