How does it work?
· Auto Enrollment: Once selected for NYOTA, you're automatically registered as an NSSF Haba Haba member and issued a member number.
· Free Savings for 6 Months: For NYOTA beneficiaries, NYOTA contributes KES 1,000/month to your Haba Haba account for the first six months.
· Bonus Matching Contributions: Keep saving after the 6 months, and NYOTA will reward your consistency!
- Save regularly for the next 6 months
- Get matched at 2:1 (for every KES 2 you save, NYOTA adds KES 1)
- Maximum match of KES 3000
· Maternity Benefit: Empower the Woman, Empower the Nation: Female NYOTA members who save an additional KES 400 per month for four months qualify for a maternity benefit of KES 4,000/month for 4 months (a total of KES 16,000). To benefit from this intervention, the following criteria MUST be met:
- Women aged 18–29 (or up to 35 for PWDs)
- Must have made minimum 4 voluntary contributions
- Must be an active Haba Haba member
Required documents include:
- Birth notification
- Proof of antenatal clinic visits
- Medical report
- Valid ID and NYOTA membership evidence
Eligibility Criteria for Youth Savings:
- Age: 18-29 years (Up to 35 years for Persons with Disabilities)
- Education: Form 4 level of education or below
- Employment Status: Unemployed, underemployed, or in low-tier employment
- Participation: Open to all NYOTA program participants, including those in the Apprenticeship Program and Start-Up Capital Support.
Key Points:
- Savings Plan: The program offers an auto-enrollment savings plan, where participants can choose to save a portion of their income.
- Incentives: Participants may receive matching contributions and other incentives to encourage regular savings. These incentives are designed to reward consistent saving habits.
- Haba Haba Scheme: This is a special savings scheme under NYOTA that allows participants to accumulate small, regular contributions over time, building a significant savings pool.
- Financial Literacy Training: Participants receive comprehensive training on financial management, budgeting, and investment strategies.
- Partnership with NSSF: The program partners with the National Social Security Fund (NSSF) to enhance participants' savings, with a focus on long-term financial security.
- Outcome: The goal is to empower youth with the financial discipline and knowledge to manage their earnings effectively and secure their future.
