KISUMU, 4th February – Young entrepreneurs in Kenya continue to struggle with limited access to capital, despite having achievable business ideas, which often slows down promising ventures before they can take off.
For 28-year-old Mariam Akinyi, a small-scale handbag knitter from Kisumu County, this challenge was all too familiar. Running an online handmade handbag business, Akinyi relied on raw materials sourced from Nairobi, a costly process that steadily ate into her profits and limited her growth.
“I used to buy raw materials from Nairobi, knit the handbags, and sell them online, but the process was quite costly. I needed a boost from someone to fund my business,” said Akinyi.
That changed when she received an M-Pesa message confirming her first disbursement of 22,000 Kenya shillings from the National Youth Opportunities Towards Advancement (NYOTA) Fund, a government-backed initiative aimed at improving youth employability, strengthening business skills, and promoting a culture of saving among young people.
“Today I received the money, and I’m going to Nairobi to buy raw materials and boost my business, this support means a lot to me,” she said with excitement.
Encouraged by her experience, Akinyi is now urging other young people to take advantage of the opportunity.
“I would advise fellow youth to apply for this fund. It is extremely rare for someone to offer you such a substantial amount to start or grow a business. This project is going to help many young people,” she noted.
From the same County, Zollinger Odera, a 21-year-old M-Pesa business owner, also received his first disbursement under the NYOTA Fund. Odera, who operates his business in a busy market area, believes the funding will open doors to even greater opportunities.
“My M-Pesa business is not new. I even attended the launch wearing my M-Pesa T-shirt from a Sacco I belong to,” he said.
The Sacco, which has members across Migori, Siaya, and Kisumu counties, offers loans to its members. Odera says the NYOTA funds will strengthen his business and improve his chances of securing a much larger loan.
“This money will boost my business and give me higher chances of securing a bigger loan. I am looking forward to taking a loan of up to one million Kenya shillings,” said Odera.
Odera attributes the success of his business to strategic planning and strong customer relations.
“I chose a strategic location in the central part of the market. Anyone who wants to make transactions has to pass by my shop, I also maintain good customer relations,” he explained.
During the NYOTA Fund launch for Kisumu, Homa Bay, and Siaya counties, at Jomo Kenyatta International Stadium in Mamboleo, President William Ruto called on Kenyan youth to seize opportunities created through government programs.
“We are calling on the youth of Kenya to step forward and claim the opportunities being created through the expansion of digital jobs, affordable housing projects, and bilateral agreements opening doors beyond our borders,” said President Ruto.
According to government officials, a total of 8,820 youth from the three counties received their first disbursement of Sh 22,000 each. A second disbursement is expected after three months, during which beneficiaries will undergo training and have their business performance monitored.
