Safaricom Foundation has launched a revolving fund targeting Kenyans with no access to micro-credit. The fund will be managed by two NGOs, Junior Achievement Kenya and Hand in Hand Eastern Africa, who will grow it into a revolving fund. They will train beneficiaries on entrepreneurship and business literacy, governance and savings, after which they will be eligible for micro loans.
“Many young people who wish to start small and medium enterprises lack the capital to do so, and unfortunately, financial institutions classify them as high-risk borrowers,” said Joseph Ogutu, the chairman of the Safaricom Foundation during the launch of the fund.
“We believe that through this revolving fund, we will significantly contribute to the reduction of unemployment... we are looking forward to supporting young people who have exciting ideas but nobody is willing to finance them.”
Application forms are available on the Safaricom Foundation website, and the partners’ offices and websites.