Equity Group Foundation - 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.
Equity Group Foundation
About EGF
| Equity Group Foundation [EGF] is a non-profit making organization that was established in 2008 to serve as the social impact arm of Equity Group. EGF offices are based in Nairobi, Kenya. To improve financial capability and inclusion, in 2010 and in partnership with The MasterCard Foundation, EGF launched the Financial Knowledge forAfrica (FiKA) programme to deliver quality financial literacy training and services to low-income women throughout Kenya, and particularly those engaging in entrepreneurial ventures. |
Financial Literacy Programme | The EGF Financial Literacy training includes a 13-week classroom-based training that aims to increase financial capability (knowledge, skills, attitudes and behaviors that lead to improved money management practices, and eventually initiate beneficiaries on financial inclusion, economic empowerment, increased productivity, and financial security journey. Since 2009, Equity Bank and EGF have trained 1,455,759 women and youth on financial literacy. |
Cost of training | The training is free of charge and covers budgeting, saving, financial services, and debt management concepts and methodologies.
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Duration | 13 weeks At the end of the financial literacy training, equity group foundation holds graduation ceremonies and awards certificates to the participants.
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Other initiatives beneficial to women | Fanikisha Initiative
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Contacts | Equity Center 8th Floor |