Financial Literacy - Kenya
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.
National Finance Educators Council (NFEC)
NFEC focuses on helping people to Build & Deploy Financial Wellness through Financial Education & Coaching.
Liberty Kenya runs a programme aimed at growing financial literacy & freedom and insurance penetration.
High Water Women
Provides Financial literacy education that covers a range of topics
The International Fertilizer Development Center (IFDC)
Focuses on spreading sustainable agricultural solutions for improved soil health, food security, and livelihoods.
Mastercard Foundation Fund for Rural Prosperity
Providing rural people with financial services that allow them to alter their livelihood strategies
Christian Community Healthcare Foundation- Kenya (COHECF-KENYA)
Significantly improving financial awareness and financial literacy to empower people
CARE Kenya’s programs provide a pathway for women and girls to access and take control of productive assets.
Asante Africa Foundation
Asante Africa's Mission is to educate and empower the next generation of change agents.
Kenyan Women’s Network
Introduces groups of women to a 4-year comprehensive and tested program that ensures success
Kenya Financial Education Kenya
Promoting Financial Literacy, intelligence and capability.
Hope Foundation for African Women (HFAW)
HFAW’s visualizes a society free of gender inequalities.
Building Public Private Partnerships to Empower Adolescent Girls and Young Women in Kenya
Empowers the poor, especially women, to create a world without poverty and hunger.
World Council of Credit Unions (WOCCU)
Provides equitable access to financial services/products, while supporting women’s leadership in the industry.
Swisscontact - Swiss Foundation for Technical Support
Promotes inclusive economical, social and ecological development internationally.
Dream Achievers Youth Organization (DAYO)
Empowering youths & communities in Kenya through Education & Vocational Training
Empowering women to succeed at micro-enterprise
International Finance Corporation (IFC)
IFC focuses on markets and jobs for people in developing countries.
Junior Achievement Kenya (JAKENYA)
JAKENYA focuses on inspiring and preparing young people to succeed in a global economy.
Upscale Consulting works with entrepreneurs in helping to obtain suitable financing and business solutions.