Youth Enterprise Development Fund (YEDF) boss Ronald Osumba has announced that the fund will stop listing youth who are already listed at the Credit Reference Bureau (CRB) for defaulting on loans.
Speaking at a youth dialogue forum in Nairobi on Tuesday, Osumba noted that the move would enable more youth to access funds to pump into ventures meant to uplift them and others in society.
He however, maintained that those given loans would be expected to pay them back within the stipulated period.
“We are encouraging youths to take funds from the youth funds and invest in the Big Four Agenda because money will always follow the policy and if your business is not aligned with the Big Four Agenda you will miss out.
“Taking this into account the Youth Fund will stop listing youth defaulters in the CRB. However, they will be expected to pay back their loans promptly,” he declared.
[caption caption="Ronald Osumba"]
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The decision was informed by statistics that indicate that a large number of people listed at the CRB have debts of less than Ksh500.
According to data from the Transunion Credit Reference Bureau, 400,000 Kenyans were listed with the CRB in 2016 for having outstanding mobile loans of less than Ksh200.
It further established that 316,455 people out of a group of 600,000 had been negatively listed for outstanding balances of Sh100 or less primarily from mobile money platforms.
Osumba also disclosed that they would embark on an awareness mission across the country to educate youth on the Fund's workings.
“Youths in these hard to get areas can still add value in the country. Therefore, there is need to set a program on reaching them with an aim of developing safe spaces for them to have conversations,” he elucidated.
[caption caption="Ronald Osumba"]
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