The Safaricom group launched the M-PESA Go Digital Financial Literacy Kit targeting students in junior and senior schools. The new initiative came after a joint effort with Old Mutual and the Kenya Institute of Curriculum Development (KICD).
The stakeholders aimed at equipping young learners with essential financial skills to help them navigate financial management in the digital age.
Young people between the age of 13-17 years are targeted to benefit from this program. The program is said to enable them save, make transactions, and practice financial wellness at a young age for a money smart generation
Esther Waititu, Chief Financial Services Officer at Safaricom highlighted the rapid transformation of Kenya’s financial ecosystem in the past decade.
“Kenya’s financial ecosystem has transformed in the last decade to include a wider range of financial services and digital finance enabling any time anywhere access and making financial literacy an important aspect for a financially healthy society,” Waititu said.
She emphasized the importance of building financial capabilities among Kenya’s youth.
“Kenya has a youthful population, which means young people play a major role in economic growth now and in the future,” she said. “As such it is important to build their financial capabilities. And this requires a concerted effort from the public, private, and social sectors,” she added.
According to her, the toolkit aims to help young people develop healthy financial habits.
“The younger people acquire financial health, the more likely they are to make sound decisions about money. They are more likely to save for a rainy day, to invest wisely, to borrow judiciously when necessary. And they are less likely to fall prey to fraud or predatory practices.” Waititu explained.
The stakeholders emphasized on the need of cultivating and nurturing financial resilience in the younger generation.
“We must act now to nurture a healthy relationship between young people and money, promote financial resilience, and cultivate overall financial wellness. Without proper preparation, we risk perpetuating a cycle of instability for the next generations,” Arthur Oginga, Group CEO of Old Mutual said.
“The partnership between Old Mutual and Safaricom signifies the potential of leveraging each organization’s unique strengths to foster positive change in our communities. Our shared commitment to digital innovation and a deep understanding of the financial landscape enables us to develop impactful solutions that improve lives,” Oginga said.
Mainstreaming Financial Education
The financial literacy toolkit program addresses a critical gap in education, ensuring that young people are better prepared to manage finances in an increasingly digital world, while also contributing to the overall economic development of the country.
By focusing on financial education, this initiative paves the way for a future where the youth are equipped to thrive financially and contribute positively to society.
Kenyans on social media shared their views, majority seen to appreciate Safaricom’s initiative for the young people.
“This is a fantastic initiative! Empowering young minds with financial literacy from an early age is crucial for building a financially responsible and resilient society. Kudos to Safaricom, Old Mutual, and KICD for making a positive impact and driving digital inclusion forward!” Ayub Kinyua, a follower on LinkedIn commented.
According to Justine Koskei, Kenya’s demographic landscape is dominated by youth, with 75.1% of the population below 35 years. This youthful majority represents Kenya’s greatest asset and our most pressing challenge. The digital revolution offers unprecedented opportunities for these young minds to contribute to Kenya’s growth and development.
Recently, The Taita Taveta County in partnership with Stanbic Foundation launched its maiden Digital Centre aimed at empowering its youth with digital skills to earn a living through online jobs (marketing, writing, social media management blogging).
Such kind of digital programs are seen to bring hope in the economic future for the youths in Kenya.
The toolkit is now available for download on both the M-PESA Go and Old Mutual websites, providing learners with easy access to the resource.
