WHY KENYANS NEED TO BE PART OF FINANCIALLY FIT AFRICA.
African countries, unfortunately, have the lowest score in Financial literacy.
As the second-largest continent globally and the largest producer of minerals, Africans can confidently participate in the financial markets and invest in products produced in Africa. To do this, the first step equipping Africa’s population with basic financial skills.
An estimated 15% of Somalia’s total population can make informed judgments and effective decisions regarding the use of money.
In Kenya, the estimated of financially literate people is 38%.
With the fast-growing mobile money sector, more and more Kenyans can access financial services from the comfort of their homes and businesses. With products that emphasize digital investment, credit and savings more low-income earners are moving towards financial freedom.
Products such as Mshwari, KCB M-PESA allow customers to save at their convenience. These options are accessible to 80% of adults in Kenya who reported owning a mobile phone.
The problem comes in when a population with zero financial skills can easily access credit services. Many borrowers are heavily indebted as the World Bank estimates a majority of digital credit in Kenya is used for consumption as opposed to investment or emergencies. The loans borrowed from Fuliza, O-Kash, Tala and other loan applications are majorly used for household needs, airtime, personal or household goods. This is the danger of not accessing financial literacy.
As a person, Financially Fit Africa is here to ensure the 3 pillars of Financial literacy are known by the masses.
Unlike most Financial institutions that emphasize saving, investment and budgeting we capitalize on increasing cash flow and principles essential to creating public wealth.
We understand that anyone can budget, save and cut down on expenses but still lag on the financial treadmill.
The solution to any individual seeking financial freedom is merging practical skills in financial literacy with increasing their sources of income.
By offering an income opportunity to individuals, Financially Fit Africa envisions a financially literate African population knowledgeable on managing money. Let us now in the comments why you think Africans need to promote financial literacy.
