NYCOM advocates for youth-friendly lending practices to boost entrepreneurship

By Chisomo Phiri

The National Youth Council of Malawi (NYCOM) has urged money-lending institutions in the country to embrace youth-friendly lending processes, so as to pave the way for young entrepreneurs to thrive.

Speaking at the National Youth Conversation Series event at Capital Hotel in Lilongwe on Monday, NYCOM’s Executive Director Lex Chapota emphasized the need for accessible funding to support youth-led businesses.

Lex Chapota

Chapota highlighted the vast potential of the youth in driving economic growth and encouraged the public to reevaluate the importance of agriculture in boosting the country’s economy.

He emphasized that with the right support, young people can excel in this sector and create a positive impact.

Paul Gondwe, a young agricultural entrepreneur, echoed the sentiment, urging fellow youths to seize opportunities in the agriculture sector and contribute to reducing unemployment in the country.

“Agriculture is a lucrative sector that can create jobs and stimulate economic growth, and young people should take advantage of this opportunity,” he said.

Whyghtone Mweta, Credit Manager at the National Economic Empowerment Fund (NEEF), shared exciting news that the institution has relaxed some lending conditions to accommodate more youth.

He said the move is expected to empower young entrepreneurs to pursue their business dreams.

“We want to empower young entrepreneurs to pursue their business dreams, and this move is expected to make a significant impact,” he said.

The conversation brought together diverse stakeholders, including youth entrepreneurs, to discuss strategies for agriculture, tourism, and mining.

It was was  aimed at inspire and support young people in taking an active role in shaping Malawi’s economic future.

Established in 1996, NYCOM is a Statutory body responsible for coordinating youth work in Malawi.

The council has three major programmatic areas namely: Youth Participation and Economic Empowerment, Youth Reproductive Health and Research, Evaluation and Documentation.

It is based in the Malawi’s capital city, Lilongwe.