NYCOM TO SET UP YOUTH INNOVATION FUND

By Kenson McCloud

The National Youth Council of Malawi says it will soon set up a Youth Innovation Fund with the aim of empowering young people acquire start-up capital for their business ventures.

Speaking to Timveni, Chief Executive Officer for NYCOM, Dingiswayo Jere, said the fund will give the country’s youths an opportunity to access loans for boosting their businesses without collateral.

According to Jere, a lot of young people fail to pursue their business plans due conditions financial institutions attach to their loans such as collateral.

Jere further said they will be targeting three thousand youth to be trained in financial literacy and small scale business by June next year.

He then said NYCOM will be working together with different stakeholders like National Economic Empowerment Fund – NEEF to help them in the drive.