Kenyans have been challenged to embrace a saving culture even as they weather the tough economic times to secure their future to support stability of their businesses and families

This was the rallying call made by corporate leaders during the 4th Economic Empowerment Conference convened by financial and investment advisory company, Abojani Investment.

The forum themed “Building Staying Power for African Households and Businesses” was attended by more than 300 participants eager to learn more on investment opportunities.

Keynote speaker, Karen Hospital Founder and Chief Cardiologist Dr Dan Gikonyo, rooted for a better saving and investment environment, specially for youth, in the current tough times.

“There is no perfect time to start saving—if you’re thinking about it, start now. As a doctor, I’ve seen the struggles older people face later in life,” said Dr Gikonyo.

He added: “We need to build a savings culture and ensure safeguards like a strong public insurance system so that savings can be directed toward investments, not crises.”

Abojani Investment CEO Robert Ochieng encouraged Kenyans to save noting that 200 of 800 members realized their goals of saving Sh1 million in 2024 in a challenge launched in 2023.

Ochieng urged the financial sector to find more creative ways to reach Kenyan informal workers, revealing that only three million Kenyans are employed in the formal sector.

Robert Ochieng. PHOTO/ABOJANI 

He, however, warned that the recent revenue raising measures by the government that raised tax substantially have cut disposable income posing a grave challenge to savings.

“Without efforts to bring in savings from the informal sector, we’ll continue to see low savings rates in Kenya, which are already lower than in many other African countries,” Ochieng noted.

ICEA Lion Trust CEO and Principal Officer Peter Wachira challenged the financial sector to come up with innovative solutions to enable youth take up long term investment schemes.

“Unless the industry is able to attract monies from Kenyans, especially in the jua kali sector, we will continue to witness depressed saving which remains low even compared to other countries,” stated Wachira.

While encouraging Kenyans to save and invest in the future, NCBA Group MD John Gachora urged Kenyans to diversify their investment portfolio to enable them to spread their risks.


“Make your investments for the future. Be diversified, there will be shocks. Plan for the long-term and avoid get-rich-quick schemes,” advised Gachora during the conference. 

On her part, Absa Asset Management Limited CEO Elizabeth Irungu urged young Kenyans interested in growing their monies to put their finances in various investment opportunities.

“Money Market Funds is a good place to start, but it is not a destination,” urged Irungu. 

 Statistics show Kenya’s gross savings rate was 11.9 per cent in December 2023, same as in 2022, while household savings rate was 12 per cent, below Africa’s average of 17 per cent, and the gross domestic savings as a percentage of GDP stood at 11.35 per cent in 2023.

Another survey by Tala shows that a third of Kenyans will exhaust their savings in a month if things went south, while only 17 per cent will survive with their savings beyond six months.