Stanbic Bank-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.
Stanbic Bank-Kenya
| Institution
| Stanbic Bank Kenya Limited is a corporate and retail bank licensed by the Central Bank of Kenya and listed on the Nairobi Securities Exchange (NSE) to provide banking services in the Kenyan economy |
| Financial Literacy Programme | Stanbic bank through their Corporate Social Investment (CSI) initiative have invested in financial literacy development and mentorship programs aimed at promoting economic development in the markets it operates. “In 2016, the bank piloted financial skills training program for SMEs in partnership with Strathmore Business School dubbed BizConnect and trained over 150 customers across the country. The program was officially launched in April 2017 and has so far benefited more than 200 of our enterprise banking clients across the country”. |
| Cost of training | The training is free of charge. The bank conducts a series of scheduled financial training programs to the beneficiaries aimed at helping them grow their businesses. |
| Duration | N/A |
| Other initiatives beneficial to women | DADA Program DADA program is a new initiative yet to be rolled out by Stanbic bank. It is about empowering women through advancing their financial confidenceby offeringthem with financial solutions that are specific to their needs as well as value-add services that will equip them to aspire and achieve. The DADA program offer women: both short- and long-term loans; tailored saving solutions; a wide range of insurance options; creating wealth, preserving wealth and investing; tailored financial literacy and business management skills; information; networking opportunities and reward and wellness
Health and wellness program The bank has invested in Community Health and Wellness mainly directed towards HIV/AIDS, tuberculosis (TB) and malaria with particular emphasis on education and awareness around increased uptake of Voluntary Counselling and Testing (VCT), lifestyle management, improved home-based care and support for a community. Read more
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| Contacts | Stanbic Bank Kenya
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