25,000 Kenya MSMEs to Benefit from Zero-Fee Loans

Kenya National Chamber of Trade and Industry (KNCCI) and Mastercard Fund have established a partnership with Kenya which, through the COVID-19 Mastercard Foundation Recovery and Resilience Programme, will see 25,000 micro, small, and medium enterprises (MSMEs) benefit from short-term concessional loans free from interest. KNCCI will incorporate the COVID-19 recovery and resilience initiative throughout its county chapters in 47 counties. The KNCCI programme will target companies that are owned by youth (18-35 years old), women (18-70 years old) and help significant numbers of youth (18-35), who have been affected by the COVID-19 Pandemic through Mastercard Foundation COVID-19 Recovery and Resiliency programme. The purpose of this program is to help MSMEs ensure stability and sustainability in business. For at least one year in East Africa, the target companies have had to be running and the COVID-19 pandemic affected. The companies are primarily focused in the hawker, Jua Kali, retail, fashion and restaurant industries. 

The facility is a revolving fund, which can be retailed within two months after repaying the loan. The funds will not be available to companies that distribute, generate and participates in war-related activities in drug-related products, including alcohol and tobacco, gambling and betting, gender, or state and parastatal players. The KNCCI will submit eligible applicants' pre-screen applications in East Africa. Prior to the acceptance and disbursement of funds, applications received from the companies affected will be pre-screened against specified eligibility criteria. The loans will be managed by the Grassroots Business Fund (GBF) and 4 G Money. 

In order to protect the economic and industrial interests of the Kenyan commercial community, the Kenya National Chamber of Commerce and Industries (KCCI) is a membership-based Trade Support Agency. KNCCI is in favour of the establishment of a favourable climate for industry, commerce and investment that encourages business growth. KNCCI is a member of the KNCCI SMEs, medium-sized and large businesses. In the Youth Africa Works initiative of Kenya-Technical Vocational Education and Training ( TVET), Humber College has been selected to lead one of the critical components, Prior Learning Awarding. The project will last for four years in collaboration with the MasterCard Foundation, Colleges and Institutes Canada (CICan). 

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Humber College, an institution of membership of CICan, gives students a structured credit for their academic experience and expertise. The acquisition of structured loans would improve recruitment, retention and transition to job opportunities for young people. This initiative, part of the Young Africa Works Strategy of the Mastercard Foundation, is expected to support an estimated 10,000 students. The strategy of the foundation aims to enable the dignified and effective jobs of 5 million young people in Kenya to be achieved by 2030. 

Previous learning recognition (PRL) is the first of its kind in East Africa under the Young Africa Works Initiative in Kenya-TVET. In Kenya's 25 TVET institutions and Excellence Centres, Humber will support national government efforts for complete implementation of the RPL. 

In collaboration with the Kenyan leading affiliate, the Kenya National Qualifications Authority, Technical and Vocational Education and Training Authority and the Minister of Education, the Humber's International Development Institute (IDI) will lead a consortium including NorQuest College and Red River College. This consortium is committed to engaging government, institutional and community stakeholders in RPL initiatives, including the creation of standards and instruments, the training of assessor-trainers and growing access to youth services. 

The MasterCard Foundation partners with groundbreaking organisations to promote the dignified and satisfying work of young people in Africa and the indigenous communities of Canada. It is one of the world's largest private foundations with a goal to encourage learning and to foster financial inclusion to build a culture of inclusiveness and equity. The foundation was established with its own Board of Management and management by Mastercard in 2006 as an autonomous organisation.    GBF's aim is to grow businesses that produce incomes or saves costs for people of lesser incomes in Africa, Asia and Latin America that are competitive, sustainable and inclusive. In order to source and reinforce its investors GBF leverages seasoned in-country investment teams as well as local technical assistance providers.