Ruto to establish bank for young entrepreneurs

President William Ruto has announced plans to establish a Youth Enterprise Investment Bank aimed at boosting youth-led businesses across Kenya. According to a report in the Kenyans, Ruto said the bank would focus on providing affordable financing, credit guarantees and capacity-building programmes for young entrepreneurs. The bank is expected to be established before the end of the year. Ruto noted that the move is part of a greater government strategy to promote financial inclusion and create sustainable economic opportunities for the youth, who make up the largest segment of the population. He explained that the institution will be structured to address the common challenges facing young entrepreneurs, such as a lack of collateral, high interest rates, and limited access to business development training. Out of the more than 39 licensed banks in Kenya, the state has ownership interests in at least half a dozen, giving it a significant, though not dominant, footprint in the country’s banking sector.

Full report on the Kenyans site