A significant 72% of sub Saharan Africa population has no access to financial services. Startling as the numbers maybe, they show potential of our economically rising society to scale greater heights. While most would despair about our financially crippled society ACCA Kenya and Standard Chartered Bank Kenya came together to solve this problem by giving financial literacy training to low income earners. The partnership of these two financial sector stakeholders aims to provide financial literacy training to 1,000,000 low income earners.

 

On the 12^th of September on Invitation by SUFFESA which is the Strathmore University Finance and Financial Economics Students’ Association, ACCA and Standard Chartered teams gave a pilot financial literacy training session to the SFAE and Strathmore ACCA students. The quest for knowledge in all matters financial by Strathmore University Students was shown by the overwhelming turnout on that chilly Friday Morning against all odds.

 

The training session’s main purpose was to divulge information on financial services available to low income earners and students on stipends, while at the same time seek volunteers who would be made part of the team that trains the 1,000,000 low income target group.

 

Given the impressive turnout the group was divided into two teams after the formal introduction was done. The training sessions were very interactive with different presenters covering specific topics such as saving, budgeting and borrowing. The sessions were tailored to suit the financial needs of students making the discussions lively as the students were able to engage the presenters in animated debates. Budgeting was a particularly hot topic were it was suggested that one should always optimize their finances and if possible get cheaper friends or ‘pocket-friendly’ significant others.

 

Information on the different financial services available was a key learning point for the students. Apart from the traditional sources of financing other methods of sourcing finances tailored to meet the specific needs of the target group were introduced such as the chamas that are basically micro-saving groups and credit unions.

 

The training encouraged the students to reassess their spending and consequentially savings saving habits. The importance of budgeting and saving was elaborately discussed in reference to the financial goals and lifestyle the students had.

 

The 4 hour training session was a great success, not only did it provide the students with additional information on financial services, but the session also armed them with practical financial skills that they could use in their daily lives. Most of the attendees signed up to become part of the volunteer team that would dedicate their time to train the target group of 1,000,000 people.

These efforts to enhance financial literacy in the country are made in line with the vision of transforming Kenya into a middle level country by the year 2030.