Kenya launches financial literacy campaign to promote savings culture

NAIROBI, June 8 (Xinhua) --

Kenya on Thursday launched a financial literacy campaign to promote a savings culture in the country among the youth and general public.

Patrick Njoroge, governor of the Central Bank of Kenya (CBK), told journalists in Nairobi, the capital of Kenya, that the month-long sensitization drive, dubbed "banking industry financial literacy campaign 2023," will focus on the importance of building a savings culture as a pathway to enhanced financial health.

"The awareness campaign seeks to educate the public on appropriate measures to enhance personal financial wellness and build their capacity to access funds for enterprise development," Njoroge said. "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."

Habil Olaka, chief executive officer of the Kenya Bankers Association (KBA), observed that financial literacy is about understanding money as well as the impact of financial decisions on one's future.

Olaka believed that empowering the youth with knowledge on how to handle their finances in an effective way is also an avenue to building a resilient and prosperous nation.

He revealed that the campaign will also complement the banking industry's ongoing online and mobile safety awareness campaign, which focuses on consumer-led fraud prevention.