The Youth Finance Scheme (Microfinance)
The Youth Finance Scheme which was hatched in 2015, mitigates youth unemployment, enhances employability and promotes self-reliance, by inspiring and empowering young people to start up their own enterprises.
The Scheme provides tailored but guided loans and enables beneficiaries to lead productive and sustainable livelihoods.
Uganda’s population is growing so fast and the majority are young people aged between 18 - 35 years making up 75% of the total population.
Whereas huge populations could be so nice for development, it is disadvantageous to countries like Uganda where most of the young people are unemployed, often redundant and thus posing as a social threat to society.
The lack of a strong labor market to absorb youth, a mismatch of skills possessed by youth and those required by the available labor market, low levels of education evidenced by the lack of knowledge to start and run own enterprises, and the limited access to loan due to lack of collateral needed by the main financial institutions are some of the reasons behind youth unemployment in Uganda.