Kenya to develop e-wallet targeting youth for financial inclusion

Telkom Kenya CEO Mugo Kibati

The National Youth Council of Kenya (NYCK), a government agency, has partnered with Telkom Kenya, a local telecom company, to develop a youth-focused digital wallet to boost financial inclusion among the youth especially during the COVID-19 pandemic.

NYCK's chief executive Roy Sasaka Telewa said Wednesday that the e-wallet will open up a portfolio of financial opportunities to the youth in Kenya, particularly at the grassroots levels.

"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," said Telewa in a statement in Nairobi.

Telkom's chief executive officer Mugo Kibati said the collaboration with the government will deepen digital financial services and help accelerate the economy into cash-lite status.

The Financial Sector Deepening (FSD) Kenya estimates that 23 percent of the 18-25 year-olds in Kenya is 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.