How NYOTA Beneficiaries Will Benefit From NSSF’s Haba Haba Savings

The Government of Kenya unveiled the National Youth Opportunities Towards Advancement (NYOTA) project, a transformative five-year initiative designed to open up pathways of economic empowerment for young people.

Backed by the World Bank, the project blends entrepreneurship support with a structured savings culture to help Kenyan youth build sustainable livelihoods while securing their financial future.

This project is aimed at equipping youth with the resources to launch and grow businesses, while also ensuring that they begin saving consistently for the long term.

Each beneficiary will be automatically enrolled into the National Social Security Fund’s (NSSF) Haba Haba savings scheme, a voluntary micro-pension plan designed to make saving easy and accessible.

Following successful completion of training and mentorship sessions, NYOTA beneficiaries will receive Ksh 50,000 in start-up funding, released in two instalments of Ksh 25,000 each.

Of every instalment, Ksh 22,000 will go directly to the young entrepreneur to finance their business venture, while Ksh 3,000 will be automatically deposited into their NSSF Haba Haba account. This innovative approach ensures that even as young people receive immediate business support, they are also securing a financial cushion for the future.

The programme also integrates savings during on-the-job experiences. For a period of six months, Ksh 1,000 will be automatically deducted monthly from participants’ stipends and channeled into their Haba Haba accounts. Beneficiaries will be able to access 30 percent of these savings after one year of auto-enrollment, with the remaining 70 percent preserved as long-term savings.

To further incentivize consistent saving, NYOTA introduces a matching scheme where the government will provide a 2:1 match for savings of up to Ksh 6,000 saved over six months after the end of the intervention. This means that for every KSh 2 saved by the youth, the programme will top it up with KSh 4, significantly boosting the growth of their savings accounts.

Women beneficiaries stand to gain even more through a special maternity benefit. Female participants who save an additional Ksh 400 per month for four months will qualify for a maternity benefit of KSh 4,000 per month, for four consecutive months. This groundbreaking inclusion not only encourages a savings culture among young women but also provides critical financial support during maternity, an often vulnerable period.

The NYOTA project sets a precedent in holistic youth empowerment. It not only equips young Kenyans with the capital to start their entrepreneurial journeys but also instills in them a culture of disciplined saving and planning for the future.

The launch of NYOTA is a bold step towards addressing youth unemployment while ensuring that Kenya’s young generation is prepared to thrive in both business and financial security.

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