Social Security partners Youth Credit
The Social Security Commission and the Namibia Youth Credit Scheme (NYCS) of the Ministry of Youth and National Service, Sport and Culture have been working together for numerous years to empower and positively contribute to the living standards of the youth by availing funds to start or improve businesses.
“The Social Security Commission is proud to be a funding partner of the NYCS as we share the same hopes and dreams for our country with regard to employment creation for all and a happy healthy nation as set out in Vision 2030. We do this by supporting the youth in a number of ways, including loans and bursaries as mentioned in a previous media statement,” said Rino Muranda, Head of Corporate Communications at the SSC.
Muranda said that youngsters have to meet the requirements by being in the age range of 18 to 35, unemployed and out of school. They must also further become a member of an SCA (Savings and Credit Association) or form a group.
“We are proud that all 13 regions have been covered and more than 6000 youth have been trained in Basic Business Management. Additionally 4690 youngsters received loans and started businesses and created 5629 jobs through this initiative. The Social Security Commission has, to date, paid an amount of N$5.7 million to the Namibia Youth Credit Scheme,” he added.
The objective of the Youth Credit Scheme is to promote a culture of entrepreneurship among the youth through structured and integrated support. Experts and consultants working for the scheme, provide business support services which include training, counselling, and mentoring. The scheme also assists young people to access and obtain conventional financial services.