The Financial Education Initiative offers the prospect of strengthening the development of financial markets and enhancing the impact of expanded services on the livelihoods of Kenyans, especially among poorer groups. If this potential is to be realised then the long term vision needs to be bold and the ambition from the outset should be the creation of a comprehensive, national programme. There are some encouraging initiatives already underway, but a credible route to achieving major impact has yet to be defined.
Much preliminary work is needed to understand practically what works and doesn't work in Kenya and to motivate the key stakeholders who can drive the longer-term programme. The objective for this project will therefore be to establish the foundations for a comprehensive and sustainable programme of financial education in Kenya.
What will the initiative achieve?
The Partnership considers that there are three main goals for delivery of financial education which are to: Improve Kenya's financial management; Foster effective use of financial services & Advance Consumer Protection in the financial marketplace. To do this effectively there is need to advocate for a legal regulatory framework that requires Financial Services Providers to eradicate poor practices and product miss-selling, and promote self regulation.
Who will benefit from this initiative?
The strategy aims to improve the nation's financial capability with a programme of work that will see financial education messages reaching further to the public both rural and urban. The project aims to reach students at all stages of education from Early Childhood, Primary, Secondary, Tertiary institutions up to University level by infusing financial messages into the current schools' curriculum.
We shall deliver tailored training to people who are in transition or that have dropped out of schooling to enhance their knowledge on ways to improve their economic status as well as interact with individuals in workplaces both formal and informal and provide information on investing and debt management. For retirees' and those retrenched, engage them to ensure they invest wisely to provide for future needs.
