The Youth Enterprise Development Fund is set to launch a mobile loan application to ease loan accessibility to youths in remote areas.
YEDF chairman Ronnie Osumba on Friday said applicants will be able to access personal loans of between Sh5,000 and Sh100,000 via the app dubbed Y-Mobile.
“The application will allow thousands of youth to get loans faster. We have struggled to reach them on different platforms but we can finally get a large number of them because Mobile phone is the primary tool of communication in Kenya,” Osumba said.
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He spoke during a youth summit on access to financial services in Voi, Taita Taveta County.
Osumba urged youth to use government loans to start businesses noting that only self-employment would reduce the number of jobless Kenyans.
“Close to 1.5 million youth graduate every year. Unfortunately we only have 50,000 formal jobs created every year, thereby rendering hundreds of youths jobless. We can only stay relevant if we innovate new ideas and jobs,” he said.
Youth leader Martin Madaraka said many youths could not apply for loans due to the long time it takes to approve applications.
He said the mobile loaning system would increase loan uptake.
YEDF has also partnered with County Governments to implement Youth Plus Mashinani training programme.
The programme will focus on offering entrepreneurial skills, financial management and financial literacy.
It will be piloted in Taita Taveta, Samburu and Narok counties.
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At least 1,000 youth from each county will be enrolled in the initial phase.
Osumba revealed that the kit also targets to allocate more funds to support start ups with innovative problem solving ideas.
He urged youths to base their businesses on solving problems facing the society.
“Success in business is all about passion and creativity. Try to offer solutions to your society through business, that’s where money is.”
The YEDF has disbursed a total of Sh35.6 million to 4,221 beneficiaries in Taita Taveta County alone.
Vincent Muasya, popularly known as Chipukeezy from the National Authority for the Campaign Against Alcohol Drug Abuse (NACADA) urged youths to be responsible over their lives and work tirelessly towards achieving their dreams.
The popular TV comedian said drugs and substance abuse had negatively affected the productivity of youths.
“Drug abuse is a problem against the society, it needs to be dealt with collectively. Let everyone be responsible,” he said.
County executive in charge of Youth, Sport and Social Services Bigvai Mwailemi said the mentorship programmes would help empower jobless youths.
Mwailemi urged youths to take advantage of procurement opportunities within the County and National government and apply for tenders.
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