Youth unemployment has become an epidemic in sub-Saharan Africa and Tanzania is no exception. In 2015, Tanzanian’s unemployment rate for youths – ages 15-34 – was at 13.6 percent. This number may be much higher as rural areas are difficult to acquire data and many youths work unofficial jobs to keep food on the table. The high rate of youth unemployment stems much from a massive urban migration from rural areas. Without a proper means of gainful employment, many youth turn to crime or extremist groups to make ends. Others turn to the unofficial side with almost zero chance of long-term growth or steady employment.
This is where ACAI comes in. Given the organization’s expertise in such matters – we decided to tackle youth unemployment head on, in areas where it would make the most impact. This is why we began Uchumi Clubs. The major objective of Uchumi Clubs is to create a community of Tanzanian citizens who own their economy by actively participating in all aspects of the economy. We achieve this through mentorship, inspiration, financial literacy and financial education to develop a new generation of investors. The first meeting had over 30 males and females engaged in carving out their roll as an entrepreneur.
We want to introduce and attract more first-time investors to the Tanzanian exchange market in a bid to transform and build a strong Tanzanian culture of saving into an “equity culture”. Working with younger Tanzanians, we promote financial literacy as a necessary life skill. We want to inculcate this into the youth through interactive courses on personal finance and certification programs, teach school children and youth the value of investing, provide an introduction to the Tanzanian capital market and help to develop new market professionals.
ACAI envisions Uchumbi Clubs as the next generation of investors and entrepreneurs in East Africa. Economic opportunity is the key to progressive development, especially among youth and women. ACAI is facilitating financial literacy, networking and business motivation to ensure the new generation of Tanzanians is the most successful and supportive yet.
ACAI Finance Director – Victor Mwenda – talks to students about becoming a successful entrepreneur