President William Ruto officially launched the disbursement of Ksh147.5 million under the National Youth Opportunities Towards Advancement (NYOTA) programme to benefit 5,901 young entrepreneurs from Machakos, Kitui and Makueni counties.

The event took place on Thursday at Kenyatta Stadium in Machakos town and attracted thousands of youth drawn from across the three counties.

The funding forms part of the government’s wider Bottom-Up Economic Transformation Agenda (BETA), that is designed to empower young people to start and grow small businesses while at the same time promoting savings and financial discipline.

According to the initiative, each beneficiary is set to receive Sh25,000 in the first phase with Sh22,000 deposited directly into their Pochi La Biashara account to aid in supporting business activities, while Sh3,000 is saved under the Haba na Haba savings plan managed by the National Social Security Fund (NSSF). A second tranche of Sh25,000 will be released later, bringing the total support per beneficiary to Sh50,000.

Speaking during the launch ceremony, President Ruto said the NYOTA programme was designed to give young Kenyans a fair chance to participate in economic growth.

“This programme is about giving our youth capital, dignity and opportunity. We want young people to create businesses, create jobs and become part of Kenya’s economic transformation”, the President said.

Noting that the selection process was done digitally, President Ruto underscored the role of technology in ensuring transparency in government programmes.  “There are no brokers and no shortcuts. Every young Kenyan applied online and was given an equal opportunity to benefit”, he stated.

Also, in attendance was the Deputy President Kithure Kindiki, who urged the beneficiaries to use the funds prudently and focus on sustainability.

“This money is a foundation, not an end”, he said. “Use it to grow enterprises that will support you and employ others”, he added.

The NYOTA project, implemented with support from the World Bank, is a five-year initiative targeting more than 800,000 youths across the country. Apart from funding, the programme integrates entrepreneurship training, mentorship and savings, that help in positioning young people at the centre of Kenya’s long-term economic development.