President Uhuru Kenyatta is set to hold talks with all banks in what is aimed at finding a way of funding Kenyan youths’ innovative ideas.
Speaking while launching Kenya’s new currency at the Central Bank, President Kenyatta admitted that Kenyan youths have been innovative, but lack a proper way of securing loans to fund their ideas. He called upon all the banks to have talks with him come next year 2019, so as to find a solution on the issue.
The head of state decried lack of title deeds and logbooks by youths, which the banks normally ask before issuing loans as security, as the main cause of lack of youths’ idea’s funding.
“Next year, we need to sit down with you and see how we open up access to credit for the Young People of Kenya. They have ideas. But no title deeds. They are innovative. But no logbooks. We have to find a way to enable them fund their ideas,” noted President Kenyatta.
President @UKenyatta to Banks.
Next year, we need to sit down with you and see how we open up access to credit for the Young People of Kenya.
They have ideas. But no title deeds.
They are innovative. But no logbooks.
We have to find a way to enable them fund their ideas
— Dennis Itumbi, HSC (@OleItumbi) December 11, 2018
The launched currency is expected to take effect from today, as the new generation coins will be circulated in the course of the day.
The coins carry images of symbols rather than the portraits of for heads of state as it has always been. The Kenyan currency has been carrying the images of former Presidents Jomo Kenyatta, Daniel Arap Moi and Mwai Kibaki, which is against the current Kenyan constitution.
Do you think the banks will agree to fund youths’ innovative ideas without asking for anything to hold for loan security?