By Asman Mugambi

Kenya’s vibrant and diverse cultural landscape has become an integral part of everyday life.

The Kenya Music Festival, for instance, is one of the country's largest and most influential cultural phenomena. It is an annual extravaganza that brings together thousands of participants from schools and communities nationwide.

But it is more than just a showcase of talent, it's a dynamic platform where creativity, learning, and ideas converge.

Amid the drumbeats and the dances, it is a fertile ground to introduce and teach essential financial concepts by leveraging the power of culture to inspire and educate in a way that resonates deeply with the Kenyan spirit.

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Even so, the Kenyan financial services sector is at a crucial crossroads, where weaving financial literacy into the everyday lives of our people is not just an honourable pursuit but a vital necessity for sustainable growth.

As our economy advances, the call to equip Kenyans with the knowledge to navigate their financial journeys grows louder. By embedding these lessons into our cultural pillars, like the Kenya Music Festival, we’re not only seizing an opportunity but also crafting a uniquely Kenyan path to prosperity.

Here, where the rhythms of our heritage meet the realities of modern life, we have the power to strengthen the economic future of every mwananchi.

This is exactly what we at Jubilee Life Insurance sought to bring to life during the recent 96th Kenya Music Festival extravaganza held in Eldoret last month.

In a dynamic partnership with the Kenya Music Festival, Jubilee infused the event with essential financial principles like saving, investing, and understanding insurance, as part of our strategic focus on empowering Kenyans through financial literacy.

The stage was illuminated by the brilliant performances of students from Alliance Girls High School, Bunyore Girls High School and St. Joseph Girls High School Kitale, who brought these concepts to life.

Through their performance, a song vividly portrayed the journey of a young Kenyan saving for a brighter future, while a choral verse piece eloquently emphasized the importance of safeguarding one's assets.

Witnessing these performances firsthand, it was clear that our cultural heritage is not just a tool for education but a powerful medium to instil financial literacy in the next generation.

We aimed to transform financial literacy from a mere concept into a vibrant, relatable, and impactful experience that resonates deeply with every Kenyan, ensuring that these lessons are not just learned, but lived.

However, government support is essential in scaling these efforts.

The Kenyan government, on its part, has shown a solid commitment to promoting financial literacy through various initiatives, such as the National Financial Education Strategy of (2020-2024).

Yet, for these initiatives to truly take root and flourish, collaboration with private players, educators, and cultural institutions is vital.

With Kenya's GDP projected to grow by 5.5 per cent in 2024, and youth unemployment rates still hovering around 13.7 per cent, the urgency of equipping our young people with financial knowledge cannot be overstated.

Partnerships between financial institutions and the Ministry of Education could be a game-changer. Picture financial literacy modules are being introduced in schools, taught not just through textbooks but through the rhythms of our music, the movements of our dance, and the stories in our drama.

It’s about making learning come alive in a way that’s uniquely Kenyan, ensuring that financial wisdom is passed down through generations, not as a dry obligation, but as a vibrant part of our culture.

This approach is especially crucial in Kenya, where the uptake of insurance remains worryingly low, with only 2.4 per cent of the population covered as of 2023, according to the Insurance Regulatory Authority of Kenya.

Moreover, by demystifying insurance and financial services through culturally relevant platforms, we can break down the barriers of misunderstanding and suspicion that often keep people from embracing these vital services.

As sector players, it is our responsibility to take bold steps toward enhancing financial literacy among the younger generation.

Asman Mugambi is the CEO of Jubilee Life Insurance