Govt launches Ksh 33 billion youth startup fund, 110,000 beneficiaries to get Ksh 50,000 each

The government has rolled out a Ksh 33 billion Youth Startup Fund targeting thousands of young entrepreneurs across the country.

Co-operatives and MSMEs Cabinet Secretary Wycliffe Oparanya, speaking during the launch of the National Youth Opportunities Towards Advancement (NYOTA) project at Kakamega Youth Polytechnic, said the initiative seeks to tackle Kenya’s youth unemployment crisis.

Each of the 110,000 beneficiaries will receive Ksh 50,000, disbursed in phases, to start or expand businesses. They will also benefit from continuous training and mentorship in business development.

Oparanya revealed that 1.4 million young people applied for the program, but after vetting, only 110,000 applicants across 1,450 wards were selected. Each ward will have approximately 70 youth beneficiaries.

“The programs goals are to combat youth unemployment and create a nationwide platform for young people to fulfil their dreams,” Oparanya said, urging beneficiaries to exercise discipline and take personal responsibility for success.

He encouraged youth groups to take advantage of the 30% Access to Government Procurement Opportunities (AGPO) program, which supports businesses owned by women, persons with disabilities and young people.

Data from the International Labor Organization (ILO) shows that 80% of Kenyans in employment still struggle with poverty, while Federation of Kenya Employers (FKE) figures indicate youth unemployment stands at 67%, underscoring the urgency of government interventions like NYOTA.