Nedbank Launches YouthX Platform to Unlock Youth Potential in South Africa

https://thefintechtimes.com/nedbank-launches-youthx-platform-to-unlock-youth-potential-in-south-africa/
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Nedbank has launched YouthX, a platform designed to enable youth potential by giving them access to resources and inspiration. According to Stats SA, 63% of youth under the age of 26 are unemployed and the Covid-19 pandemic is expected to worsen the situation. Nedbank has committed to tackling the issue head-on through this platform and has partnered with some of SA’s most accomplished youth changemakers to give guidance and industry expertise.

“YouthX is really for us to demonstrate our commitment to SA’s youth, especially in the current environment where the global pandemic has further strained access to resources,” said Khensani Nobanda, Group Executive for Marketing and Corporate Affairs at Nedbank.

YouthX has several components. The first is six prominent changemakers, who are all young people below the age of 35, who have seen success in their respective industries and are on their way to becoming the next generation of industry leaders. The six categories represented are Business & Finance, Sports & Wellness, Fashion & Beauty, Arts & Entertainment, Tech & innovation and Social Good & Sustainability.

Theo Baloyi, Founder of Bathu Shoes, is leading the charge in Business & Finance, international superstar Sho Madjozi in Arts & Entertainment, award-winning designer Rich Mnisi in Fashion & Beauty, Olympian and football analyst, Amanda Dlamini in Sports & Wellness, innovator Rivoningo Mhlari in Tech & Innovation, and menstrual health activist Candice Chirwa in Social Good & Sustainability.

“As a brand, we believe that the changemakers embody the values and behaviours to inspire the next generation of changemakers. We believe in the spirit of collaboration, but more importantly, that young people should get the opportunity to lead and support each other through their passions.

“Nedbank is committed to the development of the youth and ensuring that we provide resources, finance and otherwise, for the betterment of the country at large,” Mutsa Chironga, Nedbank Managing Executive of Consumer Banking.

YouthX has several additional components, like YOUTHX LIVE – a series of virtual events to learn from changemakers and industry experts; a web-based app that will give them access to valuable, exclusive content. YOUTHX AWARDS to reward young people for brilliant businesses or ideas with unmatched prizes up to the value of R2.2 million and a YOUTHX SUMMIT – a festival and networking opportunity to close the year.

Xero Partnership

Nedbank has also recently partnered with Xero, to give small businesses and their advisors financial data through a fully digital API-enabled bank feed. The new feed will be available to Nedbank small business clients with a Xero account, at no additional cost. Once live, small businesses will be able to connect the feed from their Xero account.

This fully digital bank feed will mean that small businesses and their advisors can import their banking transactions automatically and securely, directly from Nedbank into their Xero organisation. This bank feed is different from those already available in South Africa because it uses an online connection process, allowing clients to connect their Nedbank accounts to Xero seamlessly.

Colin Timmis, Xero South Africa Country Manager, said: ‘Now more than ever we need to work together to support the small-business community, which forms the backbone of our economy. Bank feeds are one of the greatest innovations in accounting, and their impact for small businesses in other markets has been incredible – reducing the amount of data entry and giving them better visibility and control over finances.

“Xero has been at the forefront of bank feeds for the past decade, so we’re delighted to be working with one of the country’s biggest banks – Nedbank – to bring this first-of-its-kind fully digital bank feed to small businesses across South Africa.”

  • Polly is a journalist, content creator and general opinion holder from North Wales. She has written for a number of publications, usually hovering around the topics of fintech, tech, lifestyle and body positivity.

https://thefintechtimes.com/nedbank-launches-youthx-platform-to-unlock-youth-potential-in-south-africa/