Youth Enterprise Fund Chairman Ronald Osumba (Photo / Nation Media Group )
The Youth Enterprise Development Fund Chief Executive Officer Ronald Osumba has moved to calm fears raised different stakeholders ahead of a mega merger announced by the state last week.Supplies to the fund had raised concerns that they would incur losses after the state actualizes it's plan to merge the fund with five others.Mr Osumba in a statement said that the merger will be seamless and it would offer loans amounting to more than sh 1 billion just like what the fund did and their would be no disruption of services.“We wish to assure our stakeholders that the government has put mechanisms in place to ensure a seamless flow into the new outfit in order to avoid disruption of services," Mr Osumba said in the statement."The task force working on the merger is still developing the regulatory framework for the merger, which will include public participation,” the statement adds.The Youth Fund is set to be merged with Kenya Industrial Estates, Development Bank of Kenya, Industrial Development Bank of Kenya, Uwezo Fund and Women Enterprise Development Fund.Mr Osumba said that the partnership which the fund made with UBA bank enhanced transparency and accountability since loans were automated.He concluded by assuring the board commitment towards the merger.“I wish to reiterate the commitment of my board to transform the Fund into a world class, responsive, open, transparent and accountable entity that embraces efficiency and customer focus,” he said.