Youth ask to use transcripts as loan security

If the Government and financial institutions accept a proposal that university transcripts and other academic papers be accepted as security for loans of shs10m and below, then access the capital, experts say, would be a soft journey for the jobless in the country.

According to a report on financial inclusion of the youth, only 2.8% of the 78% youth in the country, have access to credit.

Expert from National Youth Council and the Initiative for the Youth Empowerment and Transformation say the move has left many youths who want to create jobs out of the money economy. To unlock the roadblocks to financial inclusion, youth have tabled different demands, including calling on banks to allow transcripts as security for loans and the Government to give tax holidays for small scale enterprises, cottage industries and other private businesses that are run by the youth.

“In our view, access to capital in the face of high interest rates and stringent security requests to access loans continue to hinder access to finance for the youth,” Francis Arinaitwe, a youth trainer attached to the National Youth Council, said yesterday, during the national dialogue on youth financial inclusion at Hotel Africana in Kampala.

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