The Institute of Certified Investment and Financial Analysts (ICIFA) and Safaricom have entered into a Memorandum of Understanding (MoU) to promote accessibility and inclusivity in financial education across Kenya. This partnership aims to address the low financial literacy levels in the country and improve financial health among individuals.
Under this collaboration, ICIFA and Safaricom will work together to develop and distribute financial literacy content through various platforms. This content will be designed to empower Kenyans with essential knowledge on managing personal finances, including savings, investments, insurance, and retirement planning.
Moreover, the partnership will facilitate capacity-building programs for Safaricom’s M-Pesa staff, agents, and dealers. This will include joint lectures, workshops, and training sessions aimed at enhancing their financial knowledge and skills.
Financial literacy is crucial for making informed financial decisions and improving overall financial well-being. Unfortunately, Kenya, like many African countries, faces challenges with low financial literacy rates. Only 38 percent of Kenyans are currently financially literate, despite a high financial inclusion rate of 83 percent.
Through joint research and publications on financial literacy, ICIFA and Safaricom will contribute to filling this gap and raising awareness about the importance of financial education. This initiative is expected to empower individuals to make sound financial decisions and avoid common pitfalls such as loan defaults and financial stress.
Diana Muriuki Miana, CEO of ICIFA, expressed optimism about the partnership, stating, “By collaborating with Safaricom, we hope to achieve new heights in advancing financial literacy, inclusion, and financial health in Kenya.” She emphasized the importance of equipping individuals with the skills necessary to navigate today’s digital economy.
Esther Waititu, Chief Financial Services Officer at Safaricom, highlighted the company’s commitment to leveraging its platforms and expertise to empower individuals. “Through this partnership with ICIFA, we are proud to empower individuals with the skills and knowledge needed to thrive in today’s digital economy,” she said.
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