Partnering with Awash Bank, Amref-led USAID Integrated Youth Activity – Kefeta, launched a digital financial management system for the youth-managed, and youth-owned Savings and Credit Cooperative Organization (SACCO).
Employing Management Information System (MIS) software, this move addresses the core financial service needs of young people— easy, mobile access to capital. From account management and business operations to compliance and loan management, this digital platform greatly streamlines cumbersome banking services for young people looking for ways to start and grow their businesses. Now, SACCO members have access to their accounts, can apply for loans, and track the status of those loans right from their fingertips.
At the launch of the first Kefeta SACCO virtual platform, Kefeta Chief of Party Chalachew Tiruneh said, “Our innovative SACCOs just became even more innovative by entering the digital world. Access to capital and financial services just got easier which means reaching more young people and equalizing the process for youth seeking to better their lives.”
Since access to finance and financial services is difficult for youth startups, particularly for women and youth with disabilities, Kefeta established youth-run and led SACCOs in its 18 target cities. The cooperatives not only provide access to capital, but also sound financial literacy trainings.
Kefeta envisions to have 18 primary SACCOs with over 70,000 members registered and using the services by the end of 2026. With a head office established and running at the national level and overseeing these primaries, it supports the SACCOs to streamline their operation and become more profitable in a short period of time.
Led by Amref Health Africa, Kefeta integrated youth project takes a holistic approach to support economic and social opportunities for youth in Ethiopia and aims to benefit two million Ethiopian youths in 18 cities by building their agency and capacity for advocacy, linking them to economic opportunities, and improving their access to youth friendly services.