President William Ruto today, Monday, January 19, presided over the NYOTA Business Start-Up Capital disbursement of KSh 258.4 million for young entrepreneurs from Nairobi, Kiambu, and Kajiado counties at Moi International Sports Centre, Kasarani.
A total of 10,337 young entrepreneurs from the aforementioned counties will each benefit from initial business start-up capital of KSh 25,000 to establish or expand their business.
Of this money, KSh 22,000 will be credited directly to each beneficiary’s Pochi la Biashara account in their mobile phones, while KSh 3,000 will be deposited into their Haba na Haba Savings Account managed by the National Social Security Fund.
In the second phase of the NYOTA project, the beneficiaries will receive another KSh 25,000, bringing the total for each of the young entrepreneurs to KSh 50,000.
Speaking at the event, President Ruto said the move is aimed at supporting young people to work, do business and exploit other opportunities.
"Our efforts are aimed at supporting young people to work, do business and exploit other opportunities. When they succeed, they will not only secure their future but also become our partners in the transformation of Kenya into a first-world economy," said President Ruto.Adding: “We must continue walking with them, step-by-step, routinely offering them more training and mentorship, as we assess the growth and success of their businesses. It is not enough to support our young people with the necessary finance and opportunity-creating programmes that drive economic success.”
