Youths who will benefit under the newly launched EmpowerBank should go through intensive financial literacy programmes.
The youths at least should have traceable documentation as beneficiaries of the fund and priority should be given to the youths in order for the bank to be a success.
Issues to do with high interest rates, stick monitoring measures and security of tenure should be addressed to avoid abuse of the youth fund.
While the launch of the EmpowerBank is designed to offer financial services tailor made to the unique needs of the youth, indigenous entrepreneurs, the need to equip them with financial literacy tools should be a prerequisite for the majority of young business people if the new fund is to achieve its intended results, noted the head of youth desk in the Ministry of Agriculture Nicros Kajengo.
All the youth who are set to benefit from EmpowerBank must provide a traceable background and issues to do with guarantee to payback is of paramount importance for one to access the youth fund said a successful young entrepreneur Dr Mercy Manyuchi.
Issues to do with high interest rates, security of tenure, and abuse of the fund by undeserving individuals should be addressed while still monitoring mechanism to avoid mismanagement of the loans.
The Ministry of Youth, Indigenisation and Economic Empowerment has so far indentified over 39 000 young entrepreneurs who have managed to create over 94 000 jobs throughout the country.
The EmpowerBank is expected to go a long way towards providing the much needed capital for youths and young entrepreneurs to boost their income generating projects.