Telkom Kenya has concluded an agreement with the Kenyan National Youth Council of the Ministry of ICT to co-create a platform enabling the Council to make funds available to youth convenient, fast, secure and timely. This approach would enhance young people’s resilience in the face of physical and infrastructural obstacles preventing their access to financial services and goods.
Kenya’s Financial Sector Deepening (FSD) predicts the exclusion of 23 percent of 18-25 year-olds from financial services and goods and that there are no solutions for young people in the financial service provider.
Fursa can be adapted for additional capabilities: membership management systems, financial reconciliation, savings and investments, the work matching and e-learning experience board, and the advancement of experiential skills.
Telkom CEO, Mugo KIBATI, said that the partnership is the first of several of such collaborations in the field of Digital Financial Services to be explored with a potential to accelerate the business to a cash-free level. “The financial inclusion of our young people should be further promoted. Additional digitalization and mobile money spending would help to address a problem that was compounded by the pandemic. This challenge can be addressed by the Fursa e-wallet,” Mr. KIBATI said.
The e-wallet would open up a portfolio of financial opportunity for Kenyan youth and, in general, for the youth at the grassroots level, according to Roy Sasaka TELEWA, CEO of NYCK’s. In particular, a strong financial services base helps young people maximize business opportunities and show a working experience.
Fursa is a tremendous opportunity to support national efforts of the Government to provide financial and safety nets in the unwinding of the pandemic, not to establish joint projects and to encourage youth to take advantage of technology and youth business, jobs and engagement programs. “Mr. TELEWA said.
Telkom will install the Fursa wallet and provide assistance in its operation, maintenance and updates under the agreement.
Last year, all banks and telcos were directed by the Central Bank of Kenya (CBK) to actively promote the use of mobile money. Telkom Kenya joined other telecommunications companies to eliminate charges for personal-to-person transactions of less than KSh 1,000 over a long time.