Kenya Financial Education Centre - 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.
Kenya Financial Education Centre
| Institution
| Kenya Financial Literacy Centre is a company registered in Kenya to offer Financial Education to employees, business people, entrepreneurs, and practitioners in financial and micro-finance institutions serving the MSME sector. Its mission is to “promote, enhance and teach financial literacy, intelligence and capability in the simplest and most impactful way that accelerates learning and positive behavior change in financial resources management to people of all ages and occupation for economic well being”. Read more |
| Financial Literacy Programme | The organization offer training to Small Groups (friends, colleagues, church groups etc), Chamas, Saccos and investment groups. |
| Cost of training | KSh 10,000 for a 3 hour session.Each group can choose the desired topic(s) according to need. The topics covered for Chamas, SACCOs and investment groups include; personal wealth building, investing simplified, effective management and individual coaching. |
| Duration | Sessions range between 3 and 6 hours |
| Other initiatives beneficial to women | Training of company staff Conduct training to company staff on motivation at work, employment as the best business, personal money management and staff mentorship. Read more |
| Contacts | Nyaku House, 2nd Floor |