Over 60 percent of Africa’s total population is under the age of 25, a demographic synonymous with innovation and entrepreneurship. Private sector institutions have had to evolve traditional practices to cater to the unique challenges and aspirations of the young entrepreneur.
Mercantile Bank, a specialist financial institution, is one organization that realizes the potential of young entrepreneurs. Mercantile Private Bank was recently launched as the country’s only private bank catering exclusively for entrepreneurs.
Tom Stilwell, head of Mercantile Private Bank, says “We don’t see entrepreneurs as a risk like other banks do. This is what makes us unique,” and added, “Our sole purpose is to help entrepreneurs grow their businesses.
Cultivating this demographic has been earmarked as a means to address unemployment, poverty, and slow economic growth.
Select non-profit organizations are also moving away from the endless cycle of fundraising to assist those in need and have turned to developing young entrepreneurs as a more sustainable way of providing relief to impoverished areas.
Africa’s middle class continues to grow at a rapid rate, causing an increase in demand for high-end branded products. However, over the next five years we can expect to see innovation in locally manufactured products swell as they address the unique needs of the African consumer.
Matthew Klynsmith earned a business administration diploma at CTI in Cape Town, South Africa. He now works at Strategic Options as an associate partner. To read more reports from Matthew Klynsmith, Go Here Now.
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