According to Mr. Josiah Moriasi, CEO of the Youth Development Enterprise Fund the youth could work towards greatness with the support of the Youth Fund. In a recent trip to the Coastal region, Mr. Moriasi noted that the youth in Kenya’s coast struggle with unemployment, drug abuse as well as radicalization. With recent loans afforded to 23,000 youth within the area totaling to 246 million from the Fund, Mr. Moriasi says the potential is more pointing out he expects up to Ksh. 1 billion.
The loans that are used to bring many out of poverty, starting businesses and working towards productive innovations. TheYouth Fund could be the solution to the troubles that plague the coast’s youth, providing viable solutions that could improve their standard of living.
After deliberations with area leaders, some clarifications were be made on the application process for funding. Though 90 more youth have received funding worth 1 Million within the month of November 2016, more could benefit. Here are some of the changes to be made to the Youth Enterprise Development Fund to improve user services :
Whereas most of the loans do not attract interest, the Fund will fast-track the rolling out of an enhanced Sharia-compliant loan product for individual youth. This initiative to have a sudden positive impact on loan uptake once implemented.
Loan applications are to be processed within two weeks of application. This will not only ensure that the youth receive money when they need it, but will also be an incentive to others to apply.
The Fund will work jointly with communities, national government institutions, county governments, the private sector and media to step up sensitization programs in the coast region so that all the youth have information on opportunities available to them.
The Fund, in partnership with the county governments, will enhance entrepreneurship training in the region to equip the youth with the requisite knowledge, skill and attitudes to run enterprises. We shall also provide market support to enhance the sustainability of youth-owned enterprises.
The Fund will seek partners to carry out business opportunity mapping. By disseminating this information effectively, financing will be focused on viable opportunities.
For more information on the Youth Entreprise Development Fund click here.
