• 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.

                                                                                                Read more

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.

 

angle-left Hope Foundation for African Women (HFAW)

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
P.O Box 12399-00232,
Ruiru,Kiambu
Phone: +254 793 023 511

Nyamira
Nyamira County
Phone: +254 793 023 694
Email:info@hopefaw.org
www.hopefaw.org

 
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