Hope Foundation for African Women (HFAW) - Kenya
- Kenya
- Resources
- Capacity Building
- Financial Literacy
- Financial Literacy
Key highlights
According to the Global index report
- women in the developing nations, such as Kenya, have a 20% less likelihood of owning a bank account in a formal financial institution.
- 17% less likely to formally borrow money, deficiency in their financial literacy is one of the causes
Why Financial literacy?
Financial literacy is important to women entrepreneurs as it provides them with knowledge on:
- valuing money;
- spending it;
- keeping track on spending through updated records;
- saving for the future and;
- investing in productive and sustainable activities.
What is the situation in Kenya?
Existing statistics show that lack of financial illiteracy among women:
- Remains a major hindrance to their economic empowerment.
- Makes it hard for women to navigate and use financial services, and
- Leads to inappropriate financial decisions
- Exposes women to added risk by borrowing from informal sources, saving too little, and failing to access appropriate financial services.
Various organization and institutions in Kenya have established financial literacy programmes for women entrepreneurs.
Hope Foundation for African Women (HFAW)
About HFAW
| Registered in 2013, HFAW is an International not-for-profit, non-partisan organization that works with rural communities to reduce gender inequalities through Popular Education Model. Read more |
Financial Literacy Programme | The first HFAW financial literacy training and mentorship took place in 2016 and benefited 50 people (mostly women) who are running small businesses having received KivaZip interest-free loans. In 2017, HFAW finance literacy training reached two groups of women in Borabu Sub-County, Nyamira County. Since 2014 HFAW has promoted individual entrepreneurship primarily for women and a few men by endorsing interest-free loans through www.kivazip.org to 139 first and repeat loans worth $35,000 with over 94% repayment success and tangible business projects. |
Cost of training | The training is free of charge and covers budgeting, saving, debt management and where to get capital for their business among other lessons |
Duration | N/A |
Other initiatives beneficial to women | Hope Foundation Women’s Fund This fund was established as one of the synergies in HFAW economic empowerment projects as a source of capital in terms of loans for women. Women are provided with loans after going through financial literacy training. The women are organized in groups and each group is attached to a trained field officer who provides continuous technical assistance, identifies the gaps on skills that members require and recommend for expert capacity building to improve their projects and businesses. HFAW first loan disbursement is done based on their assessment criteria and readiness. Read more |
Contacts | 219 Sanfred Business Center Nyamira
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