A day-long sensitization forum was held for over 140 youth from Soin Sigowet Sub-County in Kericho County, focusing on financial literacy, access to financial products, and business formalization.
During the forum that was conducted courtesy of the Youth Enterprise and Development Fund in partnership with Equity Bank, the youth were encouraged to form business groups and get registered to access the financial products that would enable them to start profitable businesses.
The Youth Enterprise Development Manager Morris Ondiek who was present said, that for the youth to access funds for business, they need to belong to registered groups and have an active bank account adding that the membership of the group should be at least five with 70 percent of the members comprising of youth aged between 18-35.
Mr. Ondiek informed youth about the Youth Enterprise Development Fund’s mandate, which offers loans, market support, linkages, trading facilities, and job opportunities for youth-owned enterprises.
“We are encouraging the youth to actively apply for Youth Enterprise Development fund which offers youth Group loans and individuals, companies, and partnership loans as its products.” Said Mr. Ondiek
The Youth Enterprise Development Manager encourages youth to identify income-generating projects like agriculture, livestock rearing, fish farming, and poultry to ensure well-invested funding with a 5% interest rate.
Mr. Ondiek highlighted the affordability and convenience of a Ksh.100, 000 loan for youth groups, offering repayment options within 12 months at a 5% interest rate. Speaking to KNA, the Kericho County Credit Officer Mr. Victor Langat revealed that so far this year more than 20 youth groups engaging in agribusiness had benefitted from the funds calling on more youth groups to apply for the loans.
Mr. Langat attributed an improvement in loan repayment in the County to frequent sensitization forums that have increased awareness of financial literacy among the youth. “Youth groups now understand debt, credit score, record-keeping, savings, and investments through forums, monthly training, and awareness of good debt and credit score.” Added Mr. Langat
Youth Enterprise Development Fund is one of Vision 2030’s flagship projects under the social pillar, established mainly to address challenges faced by youth unemployment with its main aim of turning youth into job creators.
By Kibe Mburu
