Kenya to develop e-wallet for youth financial inclusion
The National Youth Council of Kenya (NYCK) is partnering Telkom Kenya, a local telecom company, to develop a youth-focused digital wallet to boost financial inclusion among the youth.
On Wednesday, NYCK’s Chief Executive Roy Sasaka Telewa said the e-wallet would open up a portfolio of financial opportunities to Kenya’s youths, particularly at the grassroots levels.
“Far from the development of joint programmes and incentivising youths to take up technology, youth entrepreneurship, employment and engagement programmes, this is a huge opportunity to support the government’s nationwide efforts to provide a financial and safety net in the unravelling pandemic,” said Mr Telewa in a statement in Nairobi.
Telkom’s Chief Executive Officer Mugo Kibati said the collaboration with the government would deepen digital financial services and help accelerate the economy into cash-lite status.
The Financial Sector Deepening (FSD) Kenya estimates that 23 per cent of the 18 to 25 year-olds in Kenya was excluded from financial services and products.
As the COVID-19 pandemic unfolds, digital financial services systems have been used to support social distancing efforts and aid business continuity.
(Xinhua/NAN)
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