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Jacques Theron, Liberty Group's Financial Literacy Consultant, Head of Channel Development Lefa Ndlovu, Mercy Gachichio Operations Manager of Gachichio Insurance and Heritage MD, Godfrey Kioi during the launch of the Financial Literacy Programme/Courtesy

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Liberty Kenya, Heritage Insurance partner to deepen financial literacy

Jacques Theron, Liberty Financial Literacy Consultant, Head of Channel Development Lefa Ndlovu, Mercy Gachichio Operations Manager, Gachichio Insurance and Heritage MD Godfrey Kioi/Courtesy

NAIROBI, Kenya, May 27 – Liberty Life Kenya and Heritage Insurance have launched a free financial literacy program aimed at growing financial literacy, financial freedom, and insurance penetration.

Starting off with Kenya’s insurance brokers in Nairobi ahead of a countrywide roll-out to corporate workplaces and the general population, the free training series is targeted at individuals keen to understand and properly plan for their finances at any stage of their lives.

Dubbed ‘the Mind My Money’ program, it will use self-paced digital classes and classroom-based workshops to guide participants on savings and investments, managing credit and debt, insurance and budgeting.

It will be administered by financial experts from South Africa and Kenya.

The program comes hot on the heels of a condemning report indicating that Kenyans are in dire financial health due to lack of financial literacy.

The 2019 FinAccess Household Survey jointly conducted and launched recently by the Kenya National Bureau of Statistics (KNBS), Central Bank of Kenya (CBK) and Financial Sector Deepening (FSD) Trust exposed that a substantial population in Kenyan is reliant on their own knowledge than expert opinion for financial advice.

While 39.6 per cent relies on self-knowledge, 34.7 percent rely on family and friends – of these, 42.2 percent of those reliant on self-knowledge reside in rural areas against 35.8 percent in urban regions.

Further, 51 percent of Kenyans feel they are in a worse financial position, compared to 34.3 percent who had a similar view in 2016.

The insurance industry has experienced penetration inertia for the last few years even as the financial sector thrives. Financial literacy and awareness have been identified as a key hurdle.

Speaking on the launch of the program, the Managing Director of Liberty Life Kenya Abel Munda, said the aim is for Kenyans to learn and change on financial management.

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“We are offering this program at a most opportune time when Kenya is at the crossroads of growing financial inclusion and emergence of a very complex and unpredictable financial landscape.

This creates a financial decision headache which needs a high level of individual financial information and understanding,” said Munda.

With Kenya’s proportion of youth to the population and millennial workforce ranking high globally, the program delivery has been tailor-made in relatable fashion to drive uptake.

Data from the US-based Population Reference Bureau (PRB) illustrates that millennials add up to 10.1 million out of Kenya’s population of 49.7 million.

The Group has invested in an exclusive online portal that generates a personalized financial needs analysis and consequent expert financial planning to take advantage of a digital savvy millennial workforce.

The financial analysis will precede a free and guided financial wellness program for corporate employees of institutions – an effort the business feels will address both short and long-term goals through education.

Heritage Insurance Managing Director Godfrey Kioi said employers must see the opportunity and vested interest in promoting a financial wellness agenda at the workplace.

“There is a body of reputable evidence across the world that innately links employee financial wellness to individual and organizational bottom-line. Ultimately the benefits are seen in the larger economy,” said Kioi.

The program forms part of Liberty Group’s Pan-African mission to drive financial freedom through financial awareness and capability enablement in the immediate and short term- and insurance penetration in the long term.

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