Absa is reaffirming its unwavering dedication to supporting youth entrepreneurship in South Africa through innovative business solutions designed to unlock the vast potential of young South Africans. The initiative underscores the bank’s core belief in the transformative power of growth, focusing on equipping the next generation with the tools, resources, and opportunities needed to succeed.
In partnership with the Allan Gray Centre for 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 brainstorm and develop forward-thinking solutions to advance youth entrepreneurship. Notable speakers, including Dr. Steven Zwane, Absa’s Managing Executive for Corporate Citizenship, shared insights on empowering young South Africans to pursue their entrepreneurial dreams.
“Now more than ever, it is vital to invest in the dreams and aspirations of our youth,” says Dr. Zwane. “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.”
Absa believes in the power of growth, inclusion, and the stories waiting to be told. Through its initiatives, the bank is empowering a generation to dream big, learn passionately, create intentionally, and begin today to ensure success tomorrow. Absa aims to create a generation that can proudly declare, “I GREW IT.”
Absa’s commitment is backed by significant financial investment. Through a strategic allocation of R319 million, Absa has made a tangible impact, improving the lives of over 250,000 young South Africans. This dedication is central to its focus on youth empowerment and financial inclusion, driving impressive results across the country.
The financial inclusion strategy is focused on nurturing entrepreneurial action and mindsets among South African youth. Absa works to inspire and guide young people to pursue entrepreneurship by providing them with education, experiential learning opportunities, and the skills needed to become innovators and problem-solvers. The bank reaches youth in high school, tertiary education, and those not currently engaged in education, employment, or training (NEETs). Additionally, Absa supports micro-entrepreneurs, particularly youth and women, by facilitating the formalisation of their businesses and offering resources that help them scale and sustain their ventures.
Absa is also passionate about promoting financial inclusion through impactful initiatives such as its financial literacy programs, which have reached approximately 183,000 individuals, and the I Grew It initiative, set to reach nearly 1 million viewers in 2024. Through innovative funding solutions, the bank continues to expand opportunities for young entrepreneurs to access capital and resources that help them grow their businesses.
The impact is evident: Absa has supported approximately 4,800 entrepreneurs and facilitated the creation of around 3,700 jobs. The ReadyToWork initiative has successfully upskilled over 23,000 young people, preparing them for the modern workforce and equipping them with the skills necessary to thrive in their careers.
With youth unemployment rate at an alarming 45%, Absa recognizes that supporting entrepreneurship is a critical avenue for job creation and economic resilience. By helping young South Africans start and grow their own businesses, Absa contributes to addressing some of the most pressing issues facing youth today.
At Absa, the belief is clear: the success of the youth is integral to South Africa’s long-term growth and resilience. The bank is committed to providing young people with the knowledge, skills, and resources needed to shape their futures and contribute to the development of a thriving, sustainable South African economy.
Through every initiative and every investment, Absa is dedicated to supporting youth entrepreneurship—because when young people succeed, we all succeed.
