Mombasa: Coastal youth have been challenged to seize government financial inclusion funds, such as the National Youth Opportunities Towards Advancement (NYOTA) Fund, to start income-generating businesses and become self-reliant. Speaking at an Entrepreneurship Summit for Coast Youth in Mombasa, Rhoda Kisunza, Assistant Director in the State Department of Youth, emphasized the importance of these affirmative funds in providing capital to young entrepreneurs.
According to Kenya News Agency, Kisunza expressed concern over the low uptake and repayment of the funds among coastal youth. She noted that despite the loans being zero-rated, they are not being utilized effectively. Kisunza called for a change in mindset and increased efforts to encourage youth in the region to apply for these funds, citing the high demand in other regions like the Central Region.
The Department collaborates with partners, including BrighterMonday Kenya and Equity Bank, to provide entrepreneurship training tailored to specific funds such as the Youth and Uwezo funds. These initiatives include intensive training, trade fairs, exhibitions, and insights into Access to Government Procurement Opportunities (AGPO).
Sarah Ndegwa, Managing Director of BrighterMonday, urged youth to start small businesses and highlighted the motivation and vision among the youth to become self-reliant. She emphasized the importance of sustainable solutions over handouts, commending Persons with Disabilities for their eagerness to learn and build livelihoods.
Joseph Ndung’u, Equity Bank Coast Regional Manager, expressed the bank’s commitment to training youth on financial literacy, budgeting, and savings. He highlighted challenges such as access to capital and financial management as barriers to youth entrepreneurship, stressing the importance of addressing these issues to foster economic growth and social transformation.
