In a collaborative effort to promote financial literacy and enhance personal financial wellness, players from the financial sector in Kenya have launched a public awareness campaign called the “Banking Industry Financial Literacy Campaign 2023.” The campaign aims to educate the general public, particularly the youth, on measures to improve their financial well-being and develop their capacity to access funds for enterprise development.
The Chief Guest at the launch event, Central Bank of Kenya Governor Dr. Patrick Njoroge, emphasized the critical role of financial literacy in driving economic growth and stability. With Kenya’s financial ecosystem evolving rapidly from traditional brick and mortar to a versatile anytime, anywhere system, financial literacy has become increasingly important for every citizen.
Financial literacy
Dr. Njoroge, speaking on behalf of the banking industry, highlighted the objective of promoting financial literacy as a means to uplift the population and equip them with the necessary tools for success. He emphasized that financial literacy extends beyond understanding money; it is about self-awareness and comprehending the impact of financial decisions on one’s future. Empowering the youth with knowledge on effective financial management is crucial for building a resilient and prosperous nation.
Dr. Habil Olaka, CEO of the Kenya Bankers Association (KBA), emphasized the significance of the financial literacy campaign, recognizing the challenges faced by a large portion of the public, especially the youth, in managing their finances effectively. The campaign aims to provide individuals with the tools and resources needed to develop a savings culture and make sound financial choices.
In alignment with the industry’s commitment to facilitating access to credit, the campaign also aims to leverage savings as a pathway to further access credit for personal and enterprise development.
Ms. Eva Ngigi-Sarwari, Visa Country Manager, highlighted the role of financial literacy as a gateway to economic empowerment and building a prosperous society. While Visa has been at the forefront of driving financial inclusion through innovative payment solutions, Ms. Ngigi-Sarwari emphasized the importance of financial education in achieving true financial inclusion.
Mrs. Hellen Chepchumba Chepkwony, CEO of the Kenya Deposit Insurance Corporation (KDIC), highlighted the low levels of financial literacy in the country and expressed the need for collaboration to address prevailing challenges in the financial sector.
Dr. Robert Ochola, CEO of AfricaNenda, emphasized that promoting financial education can contribute to achieving greater financial inclusion. AfricaNenda believes that instant and inclusive payment systems are crucial for creating universal access to financial services, particularly for the financially excluded. Their goal is to achieve universal financial inclusion in Africa by 2030.
Mr. Joe Kiragu, Operations Director at Sybrin Kenya, stressed the importance of leveraging technology to expand financial literacy. Sybrin is committed to delivering the best financial education and revolutionizing the financial services industry through reliable and adaptable systems.
The month-long campaign, held under the theme “Nurturing a Savings Culture: Securing Tomorrow Today,” seeks to complement the ongoing #BeAlert or #KaaChonjo! Card, Online, and Mobile Safety Awareness Campaign, which focuses on consumer-led fraud prevention.
Partners in this initiative include Visa, Mastercard, AfricaNenda, Sybrin, PesaLink, the Kenya Deposit Insurance Corporation, the Retail Trade Association of Kenya, the Consumer Grassroots Association, and the Association of Microfinance Banks-Kenya.
