The Kenyan government is hoping that increased investment in the IT sector, notably in Internet penetration and education, can help boost the technology development and education in the country. This week, the government gave Sh110.7 million ($1.3 million) to Family Bank in order to allow it to upgrade Internet access and online services in rural Kenya.
The Kenya Information and Communication Technology Board said at a press conference that they approved 37 applicants who demonstrated “various business ideas ranging from youth training, electronic library services, website development, software development to teacher training and KCPE/KCSE online registrations.”
Not all the applicants, however, will receive large funding. 8 of the applicants will received Sh2 million to Sh3 million, while the other applicants will received between Sh1 million and Sh2 million to implement their projects.
Family Bank will then disperse the funding on a revolving loan basis, to be repaid over three years with a three-month grace period.
Managing Director of Family Bank Peter Kinyanjui said his company will support the “quest” for an information-based society “as it is one of the main priorities towards realization of national development goals and objectives for wealth and employment creation.”
He was not alone in his optimism. Kenya ICT Board CEO Paul Kukubo said the loans are a great way to create entrepreneurs with start-up capital.
”This project falls under the Kenya ICT Board’s digital inclusion pillar, which aims to increase access to information and communication technologies by Kenyans,” he told reporters in Nairobi. “It complements the other Kenya ICT Board agenda to stimulate job and wealth creation in information and communication through entrepreneurship.”
By Staff
