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)
| Institution
| HFAW is an internal not-for-profit, non-partisan organization registered in 2013 and works with rural communities to reduce gender inequalities through economic empowerment, gender advocacy with FGM as a priority, promoting sexual, reproductive health and advancing human rights in Kenya through the popular education model.
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| Financial Literacy Programme | Finance and Literacy Trainings and Mentorship |
| Other initiatives beneficial to women | School Advocacy Project - To Advance the Rights of Children and Youth, HFAW with support from IMWCY prepared the project content with consideration to ensure physical and sexual safety, emotional well-being and spiritual health of the children, youth and adults.
Church and Advocacy: To eradicate FGM, a multi-sectoral approach is required, HFAW engages the community and its leaders through dialogue in various institutions such as the church. Church leaders are important to work since they have followers they can influence to their leadership.
Trainings for health and Law enforcement providers - Law enforcement and health providers deal with victims of GBV and FGM. Women have shared their experiences on how gender-blind providers in these sectors are. A woman is made fun of when seeking care and ends up not getting the kind of help and services that will be helpful to her. Educating these providers about the value of client centered care and support, is our very important step in ending and preventing GBV including FGM.
Advocacy in Markets, Road Show and Community Walk - HFAW also sensitizes the community against FGM through market flees since the launch of its first popular education training in 2014. It has also collaborated with the National Anti FGM Board to sensitize the community through road shows on importance of abandoning FGM among the Abagusii community i.e. Kisii and Nyamira county.
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| Contacts | 219 Sanfred Business Center |