NYOTA Project Savings Initiative: Advancing Financial Inclusion and Social Security for MSMEs

Savings is one of the key deliverables of the NYOTA Project. Beneficiaries in the Business Support component will have Ksh 6,000 set aside from their start-up grant, and beneficiaries under the On-Job Experience (OJE) will have Ksh 720 deposited into their Haba Na Haba Account managed by NSSF.

Principal Secretary Hon. Susan Mang'eni chaired a meeting of NYOTA Project stakeholders drawn from the World Bank, NSSF, Safaricom and the State Department to discuss the Savings customer journey to ensure that it accelerates savings mobilisation within the informal sector, particularly among MSMEs. This structured approach ensures that every participant begins their journey with a foundation for long-term social security, and we further advance our broader financial inclusion agenda.

The NYOTA Project is also designed to incentivise a strong culture of voluntary saving. For every two shillings saved by a beneficiary, the Project will match one shilling, up to a maximum Ksh 3,000. Beneficiaries will further earn competitive daily interest based on prevailing money market fund rates, allowing their savings to grow steadily over time.