A group of 30 youth entrepreneurs under Uganda Youths Skills Training Organization, an NGO in Kasubi, have today received financial literacy training from Centenary Bank and International Labor Organization.
This is part of the bank’s financial literacy program dubbed CenteBusinessLife aimed at empowering businesses with excellent skills that enable them grow and manage their businesses and personal finances.
The young entrepreneurs dealing in carpentry, soap manufacturing, tailoring and crafts were trained in record keeping, costing and budgeting among others.
Speaking at the closure of the three day training, Centenary Bank Chief Manager Corporate Affairs Allen Atebare said, “The youth segment is core to Centenary Bank as they are our nation’s future. We have in the past partnered with several institutions to support youth entrepreneurs grow and these include; Government of Uganda, Kampala Capital City Authority (KCCA), International Labour Organisation (ILO), Junior Achievement Uganda, Kampala City Traders Association (KACITA) and University Responsiveness to Agribusiness Development Limited (CURAD). Today, we are partnering with yet another organization that shares the same dream of empowering youths with skills to help them increase their income and create jobs for themselves. We believe this will ultimately curb youth unemployment in Uganda”
According to Bob Turyatunga, the Executive Director of Uganda Youths Skills Training Organization, youths fail to start and manage their own business even after being equipped with hands-on skills because they lack financial knowledge to propel them forward. “I believe that this program will help address the gaps in our students’ businesses.” he said.
The financial literacy program that was started in 2012 has so far benefitted over 580 youths countrywide.
“According to our recent survey, there’s a 20% increment in profits and business improvement overall from the program beneficiaries” The National Coordinator for ILO – Youth Entrepreneurship Facility in Uganda, Mr. Robert Mawanda said.
More youths in Kyenjojo, Mbale, Masindi, Makerere, Mbale and parts of Kampala are also expected to benefit from the program this year.