The Kenya Bankers Association (KBA) has partnered with the Central Bank of Kenya (CBK) to launch a financial literacy campaign aimed to promote a saving culture among Kenyans.
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, emphasized the critical role of financial literacy in driving economic growth and stability.He 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.
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.