Thousands of youths under the National Youth Opportunities Towards Advancement (NYOTA) project will benefit as the government commences the distribution of Ksh3,000 savings to eligible participants.
The Cooperatives Ministry stated that participants will shortly receive official notices confirming the processing and allocation of their savings through the NSSF Haba Haba Savings initiative.
On Tuesday, June 23, the Ministry announced that the funds would be released to youths who had already secured the first tranche of the Ksh50,000 business start‑up grant and had proper registration.
The Ksh50,000 grant is split into two tranches of Ksh25,000 each, enabling beneficiaries to launch and grow businesses without the obligation of repayment.
From each Ksh25,000 tranche, Ksh22,000 is credited to the beneficiary’s NYOTA wallet for business expenses, while Ksh3,000 is deposited directly into a savings account.
The allocation also allocates Ksh900 to the beneficiary’s Money Market Fund (MMF), with the remaining Ksh2,100 directed to locked savings.
The Ministry confirmed that the Ksh3,000 savings component is being processed for all eligible youths, starting with 66,605 recipients, and that all qualified participants will have the funds credited to their accounts.
Eligible youths are those who have received the initial business support tranche and are properly registered in the savings system under their registered phone number.
The Ministry noted that beneficiaries will not be able to withdraw the amount until the appropriate conditions are met.
Following the notice, participants are advised to stay alert to official NYOTA communications for updates on savings allocations and account notifications.
The announcement comes several months after the government disbursed the first Ksh25,000 tranche, which supported more than 101,000 young entrepreneurs nationwide.
Attention now turns to the second Ksh25,000 tranche, scheduled for distribution on June 30, pending completion of the required Business Development Support (BDS) training.