To encourage a saving culture among the nation’s youth, the Kenya Bankers Association (KBA) and the Central Bank of Kenya (CBK) have started a financial literacy initiative.
The program will involve disseminating financial literacy messages that emphasize banking, credit, and savings.
Outgoing CBK Governor Dr. Patrick Njoroge stressed the significance of financial literacy among young in driving the nation’s economic growth in his remarks at the campaign’s launch on Thursday.
“As the banking industry, we are interested in promoting financial literacy because it is about lifting the population and giving them tools to achieve this. Financial literacy is not only about understanding money; it is about understanding oneself and the impact of financial decisions on one’s future,” said Dr. Njoroge.
On his part, KBA CEO Dr. Habil Olaka underscored the importance of the role of the youth in the economic stability of the country.
He said; “As an industry, we recognize the challenges faced by a big number of the public, and especially the youth in managing their finances effectively. Through this campaign, we are committed to providing them with the tools and resources they need to develop a savings culture and make sound financial choices.”
The campaign will engage the youth, who constitute a significant proportion of the population, with approximately 75 per cent of Kenyans being under 35 years old.
