Victoria Island, Lagos, Nigeria +234 812 293 9984 info@actrustfoundation.org

Entrepreneurship

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Vocational Education and Skills Acquisition

As the rates of unemployment and underemployment continue to soar all over the continent, the value of human capital, as well as the pace of development begins to plunge. Youths also account for a whopping 60% of Africa’s unemployed (World Bank 2017). In East Africa for instance, the Kenyan economy has witnessed a surge in the rate of crime and terrorism owing partly to the desperation of unemployed youths who wish to make a living (Atta-Asamoah 2018). All over Africa, unemployment has led to an increase in insecurity particularly following the successful wave of terror in recent times. Today, some extreme political and religious organizations have taken advantage of the situation which may gradually become difficult to contain. In West Africa, the unemployment rate for the continent’s most populous economy, Nigeria quickly rose from 18.1% to 23.1% in the 3rd quarter of 2018 (NBS 2018). More alarming, Nigeria suddenly became the World Poverty Capital with 89.6 million people living in extreme poverty (World Poverty Clock 2018). Sustainable solutions are therefore urgently required to counter the challenge of unemployment in Africa.

We believe that entrepreneurship is key to driving growth in most developed economies; hence, our support is extensively directed towards the youth population who sit at the heart of innovation. By instilling entrepreneurial values in the minds of young people, we intend to drive sustainable socio-economic impact in African communities.

Financial Inclusion

Wide disparities still exist in the area of financial inclusion on the African continent. Among developing economies, there appears to be a large gap in ownership of accounts (Global Findex 2018). Significant progress has been recorded in the area of financial inclusion. According to a World Bank Findex survey, financial inclusion in Sub-Saharan Africa has taken an unexpected turn; increasing from 23% in 2011 to 43% in 2017 (Global Findex 2017). It is also the only region where the number of adults with a mobile money account exceeds 10% (Forbes 2018). Harnessing the power of digital technology, the financial space has evolved and so must its actors. Till date, many small and medium enterprises in Africa lack the knowledge of finance and financial tools in the digital age. More so, these enterprises still lack considerable access to finance (Demirgüç-Kunt and Klapper 2012).

Our priority is to equip African youths with the required skills and knowledge to be independent by creating value through innovation and enterprise. We also recognize that making financial services easily accessible and affordable for all is crucial to the sustainability of socio-economic growth. Our commitment to ensuring that no segment of society is left out of the many benefits of a financially inclusive society spurs our mission to provide knowledge on financial literacy to segmented communities.

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Victoria Island, Lagos, Nigeria

info@actrustfoundation.org

+234 812 293 9984

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