Stakeholders Launch Financial Literacy Campaign

The Kenya Bankers Association (KBA) in collaboration with other stakeholders among them the Kenya Deposit Insurance Corporation (KDIC), launched a groundbreaking Financial Literacy Campaign aimed at empowering individuals and businesses with essential financial knowledge. The event, held at Serena Hotel, Nairobi, featured remarks from key financial leaders, including Hellen Chepkwony, Chief Executive Officer of KDIC.

Addressing the audience, which included Dr. Kamau Thugge, Governor of the Central Bank of Kenya, and Mr. Raimond Molenje, Acting CEO of the Kenya Bankers Association, Chepkwony expressed her enthusiasm for the campaign. “This discussion could not have come at a better time,” she stated. “Our goal is to empower individuals and businesses through awareness of budgeting, saving, investment, debt management, and planning.”

Chepkwony highlighted the alignment between the campaign’s objectives and KDIC’s mission of safeguarding depositors' interests and promoting financial stability. For over three decades, KDIC has been a trusted institution, providing assurance during banking crises. Under the Kenya Deposit Insurance Act of 2012, KDIC’s mandate ensures depositors are protected against the loss of savings in the event of bank failures, fostering confidence in the financial system.

The KDIC CEO emphasized that the Corporation's role extends beyond insurance. It includes promptly resolving bank problems and incentivizing sound risk management. She cited KDIC’s success in managing payouts totaling Ksh. 90 billion across 19 institutions in liquidation, demonstrating KDIC's critical role in maintaining financial stability.

In a speech read on her behalf by Paul Manga, KDIC’s Director in charge of Risk and Bank Examination, Chepkwony also outlined key objectives of KDIC’s 2023-2028 Strategic Plan, which are in harmony with the new campaign. These objectives include prudent management of the Deposit Insurance Fund, enhancing resource utilization efficiency, and improving public awareness of KDIC’s mandate.

She stressed the importance of educating the public about the protection provided by KDIC and encouraging the maintenance of deposits within the insured banking system.

The campaign, dubbed "Chora Plan," aims to address the financial literacy gap in Kenya, empowering citizens to make informed financial decisions.

With the backing of KBA, CBK, and KDIC, the initiative is expected to foster a culture of saving and investment, significantly impacting the financial landscape across the nation. The launch marks a significant step towards achieving financial empowerment and security for all Kenyans.