Mastercard aims to assist 30mn African youth to secure jobs by 2030

The Mastercard Foundation has unveiled a groundbreaking initiative called Young Africa Works, aimed at reducing poverty and youth unemployment on the continent. The ultimate goal of the project is to enable 30 million young Africans to secure jobs by the year 2030. The announcement comes at a pivotal time for Africa, following the historic signing of a free trade agreement that is poised to open up markets and drive economic growth across the region. In an exclusive interview with CNBC Africa, Reeta Roy, President and CEO of The Mastercard Foundation, emphasized the importance of preparing the youth for the workforce. Roy highlighted the synergy between the free trade agreement and the Young Africa Works initiative, noting that investing in human capital is vital for sustained economic growth and prosperity. The Mastercard Foundation, established over a decade ago, initially focused on expanding access to financial services and promoting education to prepare young people for the global workforce. However, after a decade of impactful work that benefited 25 million young people and families, the foundation identified youth unemployment as the most pressing challenge facing Africa today. Roy acknowledged the divide between traditional sectors and the burgeoning tech industry, emphasizing the need for young people to acquire digital skills and literacy to thrive in the evolving job market. She highlighted technology as a critical enabler that can drive scale, reduce costs, optimize resources, and expand market opportunities for African youth. Addressing skepticism about the success of efforts to tackle youth unemployment, Roy clarified that the goal is not merely to 'give jobs' but to catalyze growth and create sustainable employment opportunities. The Young Africa Works strategy takes a holistic approach by aligning with growth sectors in various African economies. For instance, in Rwanda, where the government aims to develop a competitive tourism and hospitality industry, the initiative focuses on identifying the necessary skill sets, capital requirements, and employer needs to support job creation and economic expansion. By bridging the gap between educators, employers, and job seekers, the Young Africa Works initiative aims to ensure that young people acquire relevant skills that meet market demands. Through the use of technology, the foundation plans to facilitate connections between job seekers and employers, empower African entrepreneurs to access capital, and provide tools for business growth and sector development. With a deliberate and strategic approach, the Mastercard Foundation seeks to make a significant impact in combatting youth unemployment and driving economic empowerment across the African continent.