Thousands of youths under the National Youth Opportunities Towards Advancement ( NYOTA) project are set to benefit as the government begins Ksh3,000 savings allocation to beneficiaries.

🇰🇪 Breaking It Down

According to the Cooperatives Ministry, youths will soon receive notifications confirming the processing and allocation of their savings funds under the NSSF Haba Haba Savings initiative.

The Ministry on Tuesday, June 23, said the fund will be allocated to youths who already received the first tranche of the Ksh50,000 business startup grant and who are properly registered.

The Ksh50,000 funding is provided in two tranches of Ksh25,000 each, helping beneficiaries establish and grow their businesses without the burden of repayment.

📌 What You Need to Know

For every tranche of Ksh25,000 funds, Ksh22,000 is credited to the beneficiary's NYOTA wallet for business use, while Ksh3,000 is deposited directly into the beneficiary's savings account.

According to the government, the Ksh 3,000 savings are being processed, with Ksh900 being allocated to the beneficiary's Money Market Fund (MMF), while the remaining Ksh2,100 will be directed to locked savings.

"The Ksh3,000 savings component is currently being processed for all eligible beneficiaries, starting with 66,605 youths. All qualified beneficiaries will have their savings credited to their accounts," the Ministry announced.

"Elibile youths include those who have successfully received the first phase of business support disbursement and those properly registered within the savings system using their registered phone number," it added.

The Ministry noted that the allocations will remain locked for about a year before the beneficiary will be allowed to withdraw the amount.

Following the announcement, b eneficiaries have been advised to remain attentive to official NYOTA communication channels for updates on savings allocations and account notifications.

📰 Source: Kenyans.co.ke