CARE Kenya - 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.
CARE Kenya
Institution
| CARE was founded in USA on 27th November, 1945, to provide aid to those who had been victims of World War II in Europe, left without much livelihood. Originally known as the Cooperative for American Relief to Europe (C.A.R.E), it aimed at sending food aid and basic supplies to war-torn Europe, in the form of “CARE packages”. At the time, such goods were hard to find or rationed, and millions of people were at risk of suffering from hunger. CARE commenced its humanitarian assistance to the Kenyan public in 1968, under the auspices of the CARE USA.
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Financial Literacy Programme | Women and Girls Economic Empowerment Program The Program is aligned to Sustainable Development Goals (SDGs) 1 which focuses on ending poverty in all its manifestations, SDG 5 which focus on the reduction of gender inequalities and SDG 8 which focuses on sustainable economic growth. CARE has developed a Women Empowerment Strategy to complement its efforts in reaching out to women and girls. We work towards building positive changes to Women and Girls through financial inclusion and economic empowerment initiatives that address needs of chronic livelihood insecure women and girls constrained by lack of access to and control over productive assets, basic services and denial of rights living in urban informal and rural settings Interventions include: Financial Education/Literacy, Rural Sales Agents, Micro enterprise development, Linkages to formal financial institutions, Market engagement and Poverty Graduation Models.
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Contacts | CARE - Kenya P.O. Box 43864-00100 Nairobi, Kenya Phone: +254 723151081 / 722509870
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