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The Youth Enterprise Development Fund has triggered some excitement in the ICT sector resulting in plans under the National ICT Master Plan to use a portion of the fund to set-up digital villages or e-centres in some constituencies. To the millions of young Kenyans, that may not be the best news but it definitely is music to the ears of those in the ICT fraternity.
More exciting news was delivered in the announcement that the Communications Commission of Kenya will be issuing free licences to registered community groups for the the ISM Band 2.4 and 5.8 spectrum. This means that non-profits may provide wireless internet access via Wi-Fi in rural areas. Youth organisations may find an oppportunity in operating such small telcos in rural areas as not-for-profit ventures. For professional guidance on the application process, organisations may consult with Mr. Alex Gakuru of the ICT Consumers Association of Kenya (ICAK).
"Show me the money"
To ensure that youth finally access the money for business, Family Finance Building Society has been allocated KShs. 100 Million by the Ministry of Youth Affairs under the Youth Enterprise Development Fund. An initial 25 Million is available to boost youth with viable business enterprises in what the bank has aptly branded as the Vijanaa Boost loan scheme.
To qualify for the Family Finance Vijanaa Boost loan, one must be Kenyan, aged 18 – 35 years and an account holder with Family Finance NOTE: Opening an account with Family Finance is easy and would require only KShs 400 for a personal savings account and KShs 1600 for a registered business/company.
The loan is available to both male and female youth whether as individuals or as groups. Loan amounts from KShs 10,000 to KShs 500,000 available. Interest is at 8% on a reducing balance basis with flexible security requirements. Payment is insured in case of death or permanent disability. Over 5,000 youth were trained in the last week of March and disbursements started on 2nd April 2007.
It would be interesting to see which of the youth enterprises are taking advantage of ICT-related business opportunities. Some possible ICT-based business ideas for youth will be updated on this site in the coming days.
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