Youth unemployment remains one of South Africa’s most pressing economic challenges, but Mastercard and the Youth Employment Service (YES) are working to change that. The two organisations have renewed their partnership for a third consecutive year, aiming to equip young South Africans with the skills and experience needed to thrive in the job market.
With South Africa’s overall unemployment rate sitting at 31.9% and youth unemployment at a staggering 44.6% in the third quarter of 2024, initiatives like this are crucial in building a sustainable workforce. The Mastercard-YES partnership is designed to address this issue by offering young professionals real-world work experience, industry exposure, and essential upskilling opportunities.
Investing in the future workforce
Mastercard’s commitment to youth employment is evident in its latest intake, which has welcomed 15 young professionals into its workplace for a 12-month employment programme. These participants will gain hands-on experience in the global payments industry, setting them up for long-term career success.
“At Mastercard, we believe that empowering young talent is key to driving inclusive economic growth,” said Gabriel Swanepoel, Country Manager at Mastercard Southern Africa. “Our continued collaboration with YES reflects our commitment to equipping South Africa’s youth with the skills, experience, and opportunities they need to succeed. By investing in the next generation, we are not only shaping future leaders but also contributing to a more resilient and prosperous economy.”
Building sustainable employment solutions
YES, a private-sector-led initiative, has been at the forefront of tackling South Africa’s youth unemployment crisis. Since its inception, it has partnered with over 1,800 businesses and created more than 170,000 jobs across industries such as tech, financial services, retail, and green energy.
“Empowering youth is the best endowment South Africa can make to ensure a more sustainable future,” said Ravi Naidoo, CEO of YES. “Young people have the potential to drive economic growth, innovation, and social progress. However, without access to skills and sustainable employment, this potential remains untapped. Our continued partnership with Mastercard reinforces our commitment to equipping young talent with valuable experience in the global payments industry.”
A partnership that creates real impact
The Mastercard-YES partnership is not just about job placements — it’s about long-term economic development. By providing young people with meaningful employment opportunities, the collaboration is helping to bridge the gap between education and the workplace, ensuring that South Africa’s youth are not left behind in an evolving job market.
With nearly half of the country’s young workforce unemployed, initiatives like this are not just beneficial but essential. As Mastercard and YES continue their partnership, they set a precedent for how businesses can play an active role in solving South Africa’s employment challenges.