Kenya gets Sh 30bn Boost from Mastercard to Fund Youth Programs

By Soko Directory Team / June 21, 2019



Mastercard

By Carlos Onyango 

The Mastercard Foundation yesterday gave 30 billion shillings towards the funding of an initiative program that helps the youth access jobs and further their businesses.

The program is a partnership between the Mastercard Foundation, the Government of Kenya, and the private sector with financial institutions included.

Mastercard Foundation Chief Executive Officer Ms Reeta Roy said the project will enhance the use of technology by digitally training young people, especially women.

“Kenya has a vibrant entrepreneurial culture, a strong private sector, and an enabling policy environment… Young Africa Works in Kenya builds on this momentum to prepare and connect young people to opportunities that will grow the economy and transform their lives,” said Ms Reeta.

READ ALSO: Mastercard Set to Reach 1 Million Girls by 2025 with signature STEM Platform 

Present during the launch of the initiative termed “Africa Youth Works” was President Uhuru Kenyatta. “Over the five-year period, Mastercard Foundation will provide 10 billion shillings to KCB Group against their contribution of 50 billion shillings, and 7.2 billion shillings to Equity Group against their contribution of 32 billion shillings,” said the President.

President Uhuru also stated that when small firms and entrepreneurs access financial services, they obtain the resources they require to grow, expand into new markets and opportunities, create jobs, and establish inter-generational wealth. He also added that people should change their mentality about being rich fast since that has been one of the reasons the vice of corruption is fueled.

“As a country, we need to change our mindset and realize that one cannot get successful overnight,” he said.

In attendance also were cabinet secretaries Amina Mohamed (Sports), George Magoha (Education), Joe Mucheru (ICT), and Margaret Kobia (Public Service), as well as Nairobi County Governor Mike Sonko.

The Education Cabinet Secretary George Magoha revealed that there are 17 million primary and secondary school children in the country.

The initiative will work for the next five years, and will offer technical and vocational training programs through the Ministry of education to fresh university graduates.

READ ALSO: Kenyan Banks Invested Ksh. 2.1 Billion in CSR in 2018



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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