Standard Chartered Bank has announced an investment of Ksh133 million to help young graduates acquire gainful employment.
The initiative aims to provide skills and opportunities to at least 2,000 youths and young professionals, with the goal of ensuring at least 650 secure formal employment.
During the announcement on June 18, Standard Chartered Bank CEO Kariuki Ngari emphasized the bank’s commitment to addressing youth unemployment.
“One of the things that is very clear and very apparent in this market is how we are not giving young people an opportunity or the skills they require to get either into formal employment or into self-employment,” said Kariuki.
The bank’s initiative is in partnership with Sightsavers and Light for the World.
Standard Chartered Bank Partnership
This collaboration is also focused on the deliberate inclusion of people with disabilities in the job market, acknowledging the disproportionately high unemployment rate among this group.
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“Our partnership aims to mentor young people by providing them with the necessary skills and support to thrive in today’s job market,” Kariuki said.
This initiative is part of Standard Chartered Bank’s broader commitment to fostering economic growth and addressing social issues through targeted investments and strategic partnerships.
“Through this investment, we hope to make a significant impact on youth employment in Kenya,” he added.
Focus of the Program
The CEO insisted on that the bank’s focus was on ensuring young people benefit from the program and not the returns of the program.
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“When we do what you call our programs like this, we don’t look at who’s the expected return of the program. This the right thing to do,” Kariuki affirmed.
Unemployment Rate in Kenya
World Bank data shows 5.6 percent of Kenya’s labour force was out of work in 2023, up from 2.8 percent when the Jubilee administration took over in 2013.
Another publication by Kenya National Bureau of Statistics (KNBS) data showed the number of jobless Kenyans grew in Kenya for 2022 was 6.2%, a slight decrease from the 6.6% reported in 2021.
According to this report, the unemployment rate in Kenya shoot by 0.4%. This data reflects the sustained economic growth and the ongoing recovery from the COVID-19 pandemic, despite challenges such as adverse weather conditions affecting agricultural production.
However, President William Ruto’s administration has laid down measures for urgent, intentional and strategic to address unemployment in the country.
His government seeks to create jobs through initiatives under the bottom-up agenda, including the Affordable Housing Programme.
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