Financial literacy studies to be introduced in Kenya’s school curriculum

Financial literacy studies to be introduced in Kenya’s school curriculum

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Commissioner of insurance & ceo; Insurance Regulatory Authority Sammy Makove addressing delegates during the 11th annual AIBK conference. PHOTO: BRIAN OSWETA.

Mombasa, KENYA: The national government is set to introduce financial literacy in the school curriculum so as to enhance a savings culture in children at a young age.

Speaking on Thursday during the 11th Association of Insurance Brokers of Kenya seminar in Mombasa, Commissioner of Insurance & ceo; Insurance Regulatory Authority Sammy Makove, said already plans are underway to have this achieved.

“Already Kenya Institute of Curriculum Development has come up with  the syllabus and it will be introduced in  January 2017 in some schools, so that we  see how it can be integrated in the school curriculum.” Said Makove.

Makove added that the financial sector regulators; Central Bank of Kenya, Retirement Benefits Authority, IRA, and Capital Markets Authority, signed an MOU in which one of the key issues was to drive financial literacy.

He added that they approached KICD so that they can see how to integrate financial literacy in schools, to enable children  learn how to manage their finances at a young age.

“We saw it best to introduce financial literacy through school curriculum rather than workshops targeted for grown ups. This will impact financial soundness as people grow to take responsibility of managing their finances.” Added Mokove.

Meanwhile, Makove encouraged the over 1000 Brokers and Underwriters from the whole of East Africa who had attended the seminar, to develop viable and innovative solutions to the changing risk environment.

He challenged them to embrace technology just like the banking sector has done in trying to be real time and targeting the youth; who are the majority in the country.

“If you look at the banking sector they have enhanced customer interactions, as you can transact business on your phone; however this has not been achieved in the insurance industry.” said Makove.

Chairperson AIBK Nelson Omollo speaking at the same event, called for peaceful elections in the coming 2017 general elections; to minimize the political risks.

“Our hope is that the upcoming national elections will be peaceful as we are concerned about the political risks. Further, as a sector we are deeply concerned about corruption and join the government in its fight against it.” Said Omollo.

He further asked for National content in all international tenders floated by the government to allow for local participation so that all Kenyans can benefit from the projects

The 2 day seminar is aimed at providing a forum for discussion on the Insurance industry issues that affect not only Kenya but the whole region as well.