- A public awareness campaign dubbed “Nurturing a Savings Culture: Securing Tomorrow Today” seeks to promote a savings culture and boost financial literacy in Kenya.
- The campaign brings together Visa, Mastercard, AfricaNenda, Sybrin, PesaLink, KDIC, Retail Trade Association of Kenya, Consumer Grassroots Association and Association of Microfinance Banks- Kenya.
A public awareness campaign has been launched to enhance a savings culture in Kenya as part of wider engagements to boost financial literacy among the youth and general public.
The ‘Banking Industry Financial Literacy Campaign 2023’ will educate the public on the best steps to take to boost their financial wellness and access funds for enterprise development.
Speaking at the launch on Thursday, Central Bank of Kenya Governor Dr Patrick Njoroge noted that educating Kenyans on financial literacy will grow the country’s economy.
Dr Njoroge said the country’s resilience and prosperity can be greatly promoted by imparting the youth with information on how to effectively handle their finances.
“As the banking industry, we are interested in promoting financial literacy because it is about lifting the population and giving them tools to achieve this,” said Dr Njoroge.
He added, “Financial literacy is not only about understanding money, it is about understanding oneself and the impact of financial decisions on one's future.”
He urged financial sector actors to work together to realise their financial literacy efforts to enable more Kenyans to make informed financial choices and enhance financial inclusion.
Kenya Bankers Association (KBA) CEO Dr Habil Olaka intimated that the financial literacy campaign will help fill the knowledge gap, especially among the youth, on managing funds.
“Through this campaign, we are committed to providing them with the tools and resources they need to develop a savings culture and make sound financial choices,” stated Dr Olaka.
He added: “We believe that by fostering financial literacy, we are empowering individuals to secure their financial future and contribute to the overall economic well-being of our country.”
He said the campaign was in line with ongoing efforts by financial institutions in Kenya to leverage savings as a way to advance personal and enterprise development credit access.
Visa Country Manager Eva Ngigi-Sarwari intimated that Visa has been leading globally in championing financial literacy and inclusion as a means to foster economic empowerment.
“For over six decades, Visa has been at the forefront of driving financial inclusion through innovative payment solutions, but we know that financial inclusion extends beyond access to payment solutions,” Eva noted.
She added, “It encompasses financial education and that is why we are committed to programs such as the one being unveiled today.”
Kenya Deposit Insurance Corporation (KDIC) CEO Hellen Chepchumba Chepkwony called for more collaborations and engagements to address the low financial literacy levels in Kenya.
Their remarks were echoed by AfricaNenda CEO Dr Robert Ochola and Sybrin Kenya Operations Director Joe Kiragu, who said the campaign will play a significant role towards realizing universal financial inclusion in Africa by 2030.
The “Nurturing a Savings Culture: Securing Tomorrow Today” campaign will run for one month and will complement the banking industry’s ongoing #BeAlert or #KaaChonjo! card, online and mobile safety awareness campaign focusing on consumer-led fraud prevention.
The campaign brings together Visa, Mastercard, AfricaNenda, Sybrin, PesaLink, KDIC, Retail Trade Association of Kenya, Consumer Grassroots Association and Association of Microfinance Banks- Kenya.