Telkom Kenya has partnered with the National Youth Council of Kenya (NYCK) to develop an e-wallet to increase financial inclusion among the youth especially during the Covid-19 pandemic.
The e-wallet dubbed ‘Fursa’ will enable the council to disburse funds to youth in a more convenient, quicker, secure, and timely way. This approach would strengthen the resilience of young people in the face of physical and infrastructural obstacles that prevent them from accessing financial services and items.
“Far from development of joint programs and incentivizing youth to take up technology and youth entrepreneurship, employment and engagement programs, this is a huge opportunity to support the government’s nationwide efforts to provide a financial and safety net in the unraveling pandemic,” NYCK’s CEO Roy Sasaka Telewa.
As the country continues to battle the Covid-19 pandemic digital financial services systems have been used to support social distancing efforts and aid business continuity.
Telkom’s CEO Mugo Kibati said it’s partnership with the government will deepen digital financial services accelerating Kenya’s economy.
Stats by Financial Sector Deepening Kenya estimates that 23% of youths aged 18-25 is excluded from financial services and products, and most financial services providers don’t have youth based solutions.
Fursa will also contain additional capabilities such as a membership management system, savings and investments, financial reconciliation, e-learning and experience board for job matching and experiential skills development.