Importance of empowering Africa's youth

Africa's demographic landscape is changing rapidly, with about 70 per cent of the population in the continent below the age of 35. In order to achieve sustainable development goals by 2030, it is crucial to empower, skill, and financially include the youth. CNBC Africa's George Ndirangu recently had a conversation with Benjamin Fernandes, a young entrepreneur from Tanzania and a Stanford Fellow, shedding light on the significance of empowering the youth. Fernandes, with a deep sense of connection to his homeland, Tanzania, emphasized the importance of giving back to the community that had entrusted him with opportunities. Despite facing skepticism from his peers for returning to Tanzania after completing his studies in the United States, Fernandes felt a sense of duty towards uplifting the younger generation in his country. With 67% of Tanzanians under the age of 24, Fernandes recognized the immense potential and the urgent need to empower the youth for the nation's sustainable future. As he discussed his post-Stanford plans, Fernandes articulated his commitment to focusing on economic empowerment for the rural population, considering that 76% of Tanzanians reside in rural regions. He envisioned developing socio-economic solutions and bridging the gap in access to resources between urban and rural areas. Fernandes's aspiration to contribute to the country's progress through grassroots initiatives reflects a broader call to action for investing in the youth and building a sustainable future. The conversation delved deeper into the realm of financial inclusion, a topic close to Fernandes's heart. Highlighting Tanzania's dynamic financial landscape, Fernandes lauded the country's diverse mobile money market, which fosters innovation and opens avenues for financial solutions. With a significant portion of the population relying on mobile money for transactions, Tanzania presents a fertile ground for empowering individuals through access to financial services. Drawing attention to the potential of utilizing mobile money data for assessing credit risk and enabling financial access for marginalized communities, Fernandes emphasized the transformative power of financial inclusion. By leveraging existing mobile money infrastructure, he envisioned a future where individuals, particularly those in rural and lower-income brackets, could access financial resources to pursue their aspirations, whether in business, agriculture, insurance, or healthcare. In the final segment of the discussion, Fernandes reflected on the awareness gap regarding existing government programs aimed at wealth creation and social welfare. Citing examples like TASAF, a social fund in Tanzania that supports education and livelihoods for low-income families, Fernandes highlighted the need for better dissemination of information and resources. Despite the availability of programs like TASAF benefiting millions, the challenge lies in ensuring that these initiatives reach those who stand to gain the most from them. As Fernandes underscored the untapped opportunities for local Tanzanians to engage with wealth creation avenues, he called for greater awareness and outreach efforts to bridge the gap between existing programs and the intended beneficiaries. The conversation with Fernandes serves as a poignant reminder of the imperative to invest in Africa's youth, equip them with skills and resources, and foster an environment where they can thrive and drive sustainable development.