Jiwo Paro - 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.
Organisations with Financial Literacy services
Jiwo Paro, which means “Let’s Do It Together” is a development microfinance organization on a mission to empower women to succeed at micro-enterprise. It combines micro-enterprise training, group loans and on-going support to marginalized women in Kenya. Through a suite of financial and non-financial services, Jiwo Paro aims to impact the lives of the ‘Bottom-of-the-Pyramid’ and the ‘missing middle’ customers that traditional banks do not have neglected.
Financial Literacy Programme
Prior to accessing micro loans, women are taken through financial literacy training with focus on responsible borrowing, saving and book-keeping
Other initiatives beneficial to women
Busia Road, Milimani