NAIROBI, Kenya, June 3 – The Institute of Certified Investment and Financial Analysts (ICIFA) and Safaricom have signed a Memorandum of Understanding (MoU) aimed at promoting accessibility and inclusivity in financial education.
Under the terms of the partnership, ICIFA and Safaricom will collaborate on initiatives to develop and distribute financial literacy content through various platforms and jointly provide capacity-building programs for Safaricom/M-Pesa staff, agents, and dealers.
This will entail promoting professional development for Safaricom staff through joint lectures and workshops, conducting research and publications on financial literacy content, and driving corporate social responsibility initiatives to improve financial literacy and inclusion.
Financial literacy focuses on the ability to manage personal finance effectively, which requires experience in making appropriate personal finance choices, such as savings, investments, insurance, real estate, college payments, budgeting, retirement, and tax planning.
Like most African countries, Kenya has alarmingly low financial literacy levels. With a population of approximately 50 million people, only 38 percent of Kenyans are financially literate, with financial inclusion at 83 percent.
Low financial literacy has been identified as one of the key factors leading to a low savings culture, poor investment decisions, loan defaults, disproportionate and unreasonable loan commitments, financial stress, and poverty traps.
“By collaborating with Safaricom, we hope to achieve new heights in advancing financial literacy, inclusion and financial health in Kenya,” Diana Muriuki Miana, Chief Executive Officer at ICIFA, said.
Esther Waititu, Chief Financial Services Officer at Safaricom, said, “Through this partnership with ICIFA, we are proud to leverage our platforms and expertise to empower individuals with the skills and knowledge needed to thrive in today’s digital economy.”
