Nairobi: Thursday, 8th June 2023 – Players from various sectors have launched a public awareness campaign aimed at fostering a savings culture in the country. The campaign is part of the wider strategic engagements that are geared towards promoting and enhancing financial literacy among the youth and the general public.
Through the campaign dubbed ‘Banking Industry Financial Literacy Campaign 2023’, partners seek to educate the public on appropriate measures to enhance personal financial wellness and build their capacity to access funds for enterprise development.
Central Bank of Kenya Governor Dr. Patrick Njoroge, who graced the launch event as Chief Guest earlier today emphasized the critical role of financial literacy in driving economic growth and stability.
Dr. Njoroge noted that Kenya’s financial ecosystem has transformed in the last decade from the traditional brick and mortar to an elaborate any time anywhere ecosystem, making financial literacy an important aspect for literally every citizen.
‘’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. Financial literacy is not only about understanding money; it is about understanding oneself and the impact of financial decisions on one’s future,’’ said Dr. Njoroge, adding that by empowering the youth with knowledge on how to handle their finances in an effective way is building a resilient and prosperous nation.
Dr Njoroge also acknowledged the collaborative efforts of the financial industry stakeholders in driving financial literacy initiatives. He commended their commitment to empowering individuals with the necessary knowledge and skills to make informed financial decisions, ultimately enhancing financial inclusion and economic growth in Kenya.
On his part, KBA CEO Dr. Habil Olaka highlighted the significance of the financial literacy campaign. “As an industry, we recognize the challenges faced by a big number of the public, and especially the youth in managing their finances effectively. 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. 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,” Dr. Olaka said.
“In line with the industry’s ongoing commitment to facilitate access to credit in the market, this campaign also seeks to leverage savings as a pathway to further access credit for both personal and enterprise development,” added Dr. Olaka.
Visa Country Manager Ms. Eva Ngigi-Sarwari said financial literacy is the gateway to economic empowerment, and it plays a vital role in building a prosperous society. ‘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. It encompasses financial education and that is why we are committed to programs such as the one being unveiled today,’ she said.
Kenya Deposit Insurance Corporation (KDIC) CEO Mrs. Hellen Chepchumba Chepkwony said: “This event provides us with a platform to deepen our engagement and collaboration in areas of mutual interest in view of the low financial literacy levels in the country. It is incumbent upon us therefore, to leverage the opportunity and provide real-time solutions to prevailing challenges that may hamper meaningful progress in the financial sector”.
AfricaNenda Chief Executive Officer Dr. Robert Ochola noted that promoting financial education can aid efforts towards more financial inclusion. ‘’AfricaNenda believes that instant and inclusive payment systems can play a pivotal role in creating universal access to financial services for many financially excluded adults and are critical to achieving universal financial inclusion in Africa by 2030,’’ said Dr. Ochola.
Sybrin Kenya Operations Director Mr. Joe Kiragu highlighted the need to leverage on technology to expand financial literacy in the economy. “We are part of a community of financial professionals on a mission to deliver the best financial education and revolutionize the financial services industry through a reliable, build-able system,’ he said.
The month-long campaign, conducted under the theme “Nurturing a Savings Culture: Securing Tomorrow Today’’, seeks to complement the banking industry’s ongoing #BeAlert or #KaaChonjo! Card, Online, and Mobile Safety Awareness Campaign, which focuses on consumer-led fraud prevention.
Partners in the initiative include Visa, Mastercard, AfricaNenda, Sybrin, PesaLink, Kenya Deposit Insurance Corporation, Retail Trade Association of Kenya, Consumer Grassroots Association and Association of Microfinance Banks- Kenya.
About Kenya Bankers Association
KBA (www.kba.co.ke) was founded on 16th July 1962. Today, KBA is the financial sector’s leading advocacy group and banking industry umbrella body that represents total assets in excess of USD 60 billion. KBA has evolved and broadened its function to include advocacy on behalf of the banking industry, and championing financial sector development through strategic projects such as the launch of the industry’s first P2P digital payments platform PesaLink. In line with the Government’s policy on public-private partnerships, KBA and Central Bank of Kenya have implemented key projects such as modernization of the National Payments System through the Automated Clearing House, implementing the Real Time Gross Settlement System (RTGS), and the Kenya Credit Information Sharing Initiative. The KBA members are comprised of commercial banks and deposit taking microfinance banks.
Media Contacts:
Christine Onyango
Director, Communications and Public Affairs
Email: conyango@kba.co.ke
Phone: 0711562910
