Business

Kenya’s Next Generation Millionaires Minted by Bank’s Training

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The Kenya
Commercial Bank through its KCB Foundation is placing young Kenyans on the path
to becoming the next generation of millionaires through agriculture.

Some 92 beneficiaries who have completed the first phase of training in hydroponics farming at Miramar International College have graduated in readiness for the application of the skills learned.

Hydroponics farming

Hydroponics
is a method of growing plants in a nutrient solution without soil. The training
is part of the 2jiajiri programme.

KCB
Foundation Managing Director Jane Mwangi said the programme has been a success,
and past graduates have teamed up to start commercial farms.

“We chose to focus on hydroponic farming because it’s a smart farming method cognizant of the challenges faced by 21st-century farmers. This method is attractive to young people especially because it’s not capital intensive, consumes little space and is not reliant on weather patterns,” she said in a speech read on her behalf by John Waimiri, Senior Manager, Partnerships.

KCB
Foundation will then take through the 92 beneficiaries through business
development training where they will learn how to run a business.

They will
also be taught how to develop business plans that they can then use to take
loans from the bank.

1.5 million jobs by 2024

KCB
Foundation has secured additional Ksh10 billion funding from MasterCard to
scale up the 2jiajiri programme.

The bank is targeting
to create 1.5 million jobs by 2024 through its 2jiajiri programme.

Some 500, 000
indirect jobs are also expected between now and 2024 in a 5-year nationwide
plan to be implemented through the KCB Foundation.

In June, the
MasterCard Foundation gave KShs10 billion (USD100 million) funding for scaling
up the 2jiajiri programme that seeks to empower youth entrepreneurs for job
creation.

MasterCard
extended the funding under its MasterCard Foundation’s Young Africa Works
programme which was launched in Nairobi on June 20.

The
initiative is expected to enable five million young people to access dignified
work through expanding technical, vocational and work readiness skills that are
critical to economic growth.

KCB
Foundation is one among seven beneficiaries in Kenya of this ambitious KShs30
billion commitment by the MasterCard Foundation in 10 African countries to grow
micro, small and medium-sized enterprises (MSMEs).

The programme
will scale-up the existing 2jiajiri programme by providing technical training,
Business Development Services, access to finance and linkages to structured
markets through an ecosystem approach.

Mastercard
Foundation’s Young Africa Works Kenya platform will also enhance the creation,
growth, sustainability and productivity of over 200,000 Micro, Small and Medium
Scale Enterprises (MSMEs).

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