Effect of Microfinance Services on the Financial Empowerment of Youth in Migori County, Kenya

Abstract

The current global youth population is the largest in history. Of the world's 3 billion people estimated to be under the age of 25, approximately 1.3 billion are between the ages of 15 and 24. This group is faced with imminent poverty. Attempts to alleviate the youth from this poverty level have been carried out in as many places as are the methods. For example, it is agreed that loans, by increasing family income, can help the youth to accumulate their own capital and invest in employment-generating activities. However, as development takes place, one question that arises is the extent to which credit can be offered to these youths to facilitate their taking advantage of the developing entrepreneurial activities, which in turn can help in efforts to fight poverty among them. This is because poverty among the youth is still prevalent. Under half of the 1.3 billion young people live on less than two dollars a …