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FAULU - ELEWA PESA



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Central Bank Governor Prof Njuguna Ndung'u


The financial education and consumer protection partnership (FEPP) met at Crown Plaza Hotel on the 18th of March 2010 to deliberate on how to take the initiative to enhance consumer financial capability for the financial sector forward. The meeting was led by Prof. Njuguna Ndung'u, the Governor of the central bank of Kenya who is also the FEPP Champion. In his speech, Prof. Ndungu said that it is imperative for the financial sector to appreciate the reasons why consumers are challenged in the course of accessing financial services and that the sector must find ways to engage the consumer so that their services are more transparent.

Consumers need to be educated so that they know their rights as well as responsibilities and that this will ensure that the industry becomes robust and inclusive. He stated yet again that financial education should not be targeted only at the poor, Professionals would also need the information.Industry must take steps to protect consumers and that the main reason for regulating the financial sector is to secure consumers interest, he concluded. The partnership agreed on some quick steps to embrace consumer protection for the financial services sector.

Interested in Consumer Protection for Financial Services in Kenya? Look out for the final report from the diagnositic study being undertaken in this area that will be circulated in May 2010. View the findings from the preliminary report on Consumer Protection here: Consumer Protection Diagnostic Study Report

The financial education and consumer protection partnership commissioned 4 pilot projects which will reach consumers nationally to enhance their financial capability. Four channels for communicating messages on how to earn, save, invest, take on credit and secure your finances, will be tested for their effectiveness in altering consumers behaviour. The pilot projects are: Makutano Junction an edutainment series being aired every Saturday at 7:40pm on Citizen TV; Faulu Kenya a newly licensed Deposit taking Microfinance Institution engages consumers in Nyanza and Coast; The Aflatoun children's curriculum will be tested in 142 schools in Kisumu region by Plan Kenya and Kenyatta University students are turned into financial education trainers of youth across Kenya by Equity Bank. View these projects here:

Equity Bank Presentation
Presentation by Mediae Makutano Junction
Presentation by Plan Kenya
Presentation by Faulu Kenya

The partnership appoints members of the Taskforce to serve in the period 2010 -2011

The financial education partnership has appointed additional members to enhance representation of sectors to the taskforce. Taskforce Members represent both their institution as well as their sector. They meet monthly to monitor project progress and to develop strategies to take the project forward. The nominees serve the FEPP on a voluntary basis. Going forward, the Taskforce will engage their sectors as they develop strategies that will be embedded in to the National Programme for Financial Education and Consumer Protection in Kenya. Kindly contact your sector representative to share your views, ideas or to ask any questions you may have related to this programme:

Banks:
Reuben Chep'ngar - Central Bank of Kenya
Jared Getenga -Kenya Bankers Association/Credit Reference Bureaus
Jeane Mathenge -Equity Bank Limited

Insurance:
Evans Kibagendi (Tentative)-Insurance Regulatory Authority
Joseph Jamwaka -Association of Kenya Insurers

Retirement & Pension Schemes:
Mutuku Nzomo -Retirement Benefits Authority

Capital Markets and Investments:

Joseph Mwenda -Capital Markets Authority
Tabitha Mwathi -Kenya Association of Investment Groups

Sacco's:
Patricia Mathiu - Kenya Union of Savings & Credit Co-operative

Microfinance institutions:
Norbert Aluku -Association of Microfinance Institutions Kenya
Jackie Nyaga -Faulu Kenya

Informal Sector Financial Services:

Emma Kimani - KREP Fedha Services
John Njoroge - Swiss Contact

Media:
David Campbell - Mediae

Learning & Education:
Mwangi Kabacho -Kenya Institute of Bankers
Prof. Patrick Alila -Institute for Development Studies - University of Nairobi

Policy Development & Research:
Moses Njenga - Kenya Institute of Public Policy Research and Analysis (KIPPRA)
Ezra Anyango - Ministry of Finance
Not yet Confirmed - Ministry of Education/Kenya Institute of Education
Peter M. Kihara - Kenya National Bureau of Statistics.
Jane Ikunyua - Deposit Protection Fund Board
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