The Kenya Bankers Association (KBA), in partnership with the Central Bank of Kenya (CBK) and other stakeholders, this week launched the ‘Chora Plan’ (Plan Your Money) financial literacy campaign aimed at boosting financial literacy and promoting economic stability in Kenya.
‘Chora Plan’ campaign, themed ‘Strengthening Financial Health Through Financial Literacy,’ aims to empower individuals and businesses with the knowledge necessary to make informed financial decisions.According to a 2021 Global Financial Literacy Survey, only 38% of Kenya’s population is financially literate.
“Financial stability and overall economic growth are fundamentally linked to the financial knowledge and decision-making skills of our citizens,” said Central Bank of Kenya (CBK) Governor Dr. Kamau Thugge who was the chief guest at the event. He highlighted the campaign’s role in promoting financial inclusion and stability by equipping Kenyans with essential financial knowledge.
“By focusing on practical financial education in areas such as banking, insurance, and pension services, we can help individuals and businesses make better financial decisions that benefit them and the broader economy,” says John Gachora, KBA Chairman and NCBA Group MD.
The campaign addresses the low levels of savings and high financial illiteracy rates in Kenya. According to a 2021 Global Financial Literacy Survey, only 38% of Kenya’s population is financially literate.
“It is quite a shame bearing in mind that we pride ourselves as the leading economy in the region. As the banking sector, we understand our role in changing this situation, as financial literacy is the cornerstone of economic empowerment,” noted KBA Acting CEO Raimond Molenje while acknowledging Kenya’s lagging financial literacy levels compared to its East African neighbors.
Visa Country Manager Eva Ngigi highlighted the importance of financial literacy from a young age. “Just like reading and writing is taught in schools, financial literacy is an important skill for the younger generation.”
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