Article provided by Absa
Absa reaffirms its commitment to fostering youth entrepreneurship in South Africa by delivering innovative business support solutions. This initiative, anchored on our belief in the power of growth, focuses on unlocking the potential of young South Africans.
In collaboration with the Allan Gray Centre of Africa Entrepreneurship, Absa hosted the Absa Youth Entrepreneurship Dialogue on 19 February at The Forum in Bryanston. This groundbreaking event brought together industry leaders, policymakers, and entrepreneurs to find innovative solutions to advance youth entrepreneurship. This event featured speakers like Dr. Steven Zwane, Absa managing executive: Corporate Citizenship.
We believe in the power of growth, inclusion, and the stories waiting to be told. We’re empowering a generation to dream big, learn passionately, create intentionally, and start today to succeed tomorrow. So that they can Proudly say that they “I GREW IT.”
Absa is deeply committed to making a tangible difference. Our unwavering focus on youth empowerment and financial inclusion is yielding impressive results. Through a strategic investment of R319m, we have demonstrably improved the lives of over 250,000 individuals.
Through our financial inclusion through entrepreneurship strategy, we pathway youth into entrepreneurial action. We’re developing entrepreneurial mindsets, driving interest and ultimately the pursuit of entrepreneurial action. We deliver entrepreneurship education and provide experiential learning opportunities; equipping young people with the skills and knowledge to be innovators and problem solvers. We invest in youth in high school, higher education and training as well as those who are not in employment, education or training. We also support youth and women who are running microenterprises to enable the formalisation of their businesses.
At Absa we are also passionate about promoting financial inclusion through impactful initiatives. This comprises financial literacy training, reaching approximately 183,000 individuals, our “I Grew It” initiative with a reach of nearly one million viewers in 2024, and innovative funding solutions.
Furthermore, Absa is creating sustainable impact. We have supported approximately 4,800 entrepreneurs and facilitated the creation of around 3,700 jobs. The ReadyToWork initiative has upskilled over 23,000 young people, and we’re incredibly proud of our colleagues, 7,600 of whom have generously contributed a remarkable 61,000 volunteer hours.
With youth unemployment soaring at an alarming 45% in South Africa, we’re taking action with the support of entrepreneurship, which is a critical avenue for job creation and economic resilience. Understanding the unique challenges faced by young entrepreneurs.
“Now more than ever, it is vital to invest in the dreams and aspirations of our youth,” says Dr Steven Zwane, Absa managing executive, Corporate Citizenship. “By providing financial solutions and expertise specifically designed for young entrepreneurs, we are not only empowering individuals but also contributing to the broader economic development of our country and continent. Every story and journey has the potential to inspire; we want to be part of those journeys.”
We believe that Youth Entrepreneurship is a vital contributor to our strategic ambition to be “…an active force for good in everything we do” As part of its vision for the future, Absa is steadfast in its mission to empower the youth of South Africa, recognising that their success is integral to the nation’s growth and resilience. Recognising that young people have the power to shape their own futures, Absa is dedicated to equipping them with the tools and opportunities needed to thrive.
At Absa, we know that your story matters. Your dreams, your future, and your potential are worth investing in. Because when young people succeed, we all succeed.