Many youths are unable to access financial literacy training despite being frequently made aware of the available services.

A tracer study conducted by CAP Youth Empowerment Institute (CAP YEI) has shown that only 29 per cent of the youths reached by the group’s training  have ever accessed credit.

The study further showed that the most common source of credit for the youth is digital or mobile platforms, from where at least 62 per cent have recently accessed credit.

Banks accounted for only 12 per cent while 11 per cent said they have borrowed from savings and credit cooperative societies (Saccos).

The survey showed that youth save part of their earnings with up to 79 per cent of those sampled, saying they do so.

“They mostly save to accumulate funds for start-up capital for new business or to expand existing businesses,” the study revealed.

And despite being trained to form saving groups, only 18 per cent of those reached during the study were still in saving groups.

Despite this, several youth (47 per cent) joined other saving organisations and facilities including banks (58 per cent) while others save and borrow on digital/mobile banking platforms (12 per cent).

CAP YEI has been implementing a three to four months Basic Employability Skills Training model, targeting vulnerable out-of-school youth who have completed primary and secondary school, and are between 18 and 25 years. 

To examine how the CAP YEI alumni trained between 2011 and 2018 have fa ired, the organisation engaged the services of consultants to carry out a tracer study that reached a sample of 1,187 of the direct youth beneficiaries.