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Finance

Youth Fund mandate uninterrupted in merging of financial institutions – YEDF Chair

NAIROBI, Kenya, Jan 23 – The Youth Enterprise Development Fund has clarified that the institution will continue to disburse and manage funds despite the intention to merge the fund with five other government financial institutions.

The Youth Enterprise Development Fund (YEDF) Chairman Ronald Osumba says that the government has put mechanisms in place to ensure a seamless flow into the new outfit in order to avoid disruption of services.

“The task force working on the merger is still developing the regulatory framework for the merger which will include public participation,” says Osumba.

Head of Public Service Joseph Kinyua announced YEDF will be merged with Kenya Industrial Estates, Development Bank of Kenya, Industrial Development Bank of Kenya, Uwezo Fund and the Women Enterprise Development Fund.

Osumba says the consolidation is part of the recommendations outlined by the President’s taskforce on parastatal reforms in 2013.

“The move is aimed at increasing efficiency, resolving overlaps and better utilize resources to achieve economies of scale,” Osumba says.

He has assured the Fund will continue to provide services to the youth from the head office, regional office and sub-county offices.

“Those currently servicing loans advanced by the Fund are advised to continue doing so.”

The Fund has recorded an increase in monthly loans uptake, from Sh20 million in 2016 to Sh100 million currently, with projection to disburse Sh1 billion this financial year compared to Sh352 million in the last financial year.

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Osumba says YEDF expects to raise this uptake further as it continues to implement the reforms that have been instituted such as re-engineering of products and introduction of new ones and automation of processes which has reduced loan turnaround time from three months to three weeks.

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