- Several studies on financial literacy in Kenya have shown that a greater percentage of the population is not financially literate.
- The initiative follows a successful pilot that covered 120 Junior Secondary School teachers, from 36 schools.
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The Old Mutual Group and the Kenya Institute of Curriculum Development (KICD) have unveiled a financial literacy online programme, targeting junior and senior school teachers.
The module was developed in response to the need to mainstream financial literacy education through existing curricula.
In the current Competency Curriculum (CBC), Financial Literacy has been Mainstreamed in almost all the learning areas, from pre-primary to senior school levels.
Several studies on financial literacy in Kenya have shown that a greater percentage of the population is not financially literate, calling for consultative efforts to provide financial education from an early stage.
They have also highlighted that the capacity to teach financial concepts can be strengthened by high-quality and engaging digital and non-digital content resources.
Prof. Charles Ong’ondo, KICD Chief Executive Officer, lauded the Old Mutual Group for its dedication to transforming societies, and particularly through investments in education.
According to him, the initiative was unveiled after KICD carried out a successful pilot that covered 120 Junior Secondary School teachers, from 36 schools.
The schools were drawn from the sampled five counties, which were Uasin Gishu, Makueni, Laikipia, Siaya and Kiambu.
“The learning gaps that were identified during our pilot, informed the extent to which financial Literacy could be infused into other learning areas,” Ong’ondo said.
He thanked Old Mutual and others for partnering with the Institute to ensure Kenyans are financially literate.
Old Mutual Group chief executive officer, Mr. Arthur Oginga, said the citizens of Kenya need to acquire some skills in financial management for the growth and development of the country.
“We are ready to work with all relevant partners in this area to ensure we have a generation of financially sound minds,” Oginga said.
He added that financial literacy is a tool for empowerment and teaching it in schools is no longer an option but a necessity to equip learners with the knowledge needed for a successful future.
Old Mutual invested an initial Sh25 million in the programme, achieving several key milestones, including the integration matrices and guidelines in 2021, online orientation courses for financial literacy teachers in 2022, and the pilot programme in 2023 along with a financial literacy toolkit in learners in 2024.
The online programme is now available to all junior school teachers, with senior secondary school teachers onboarded from 2026.
It is accessible via the Elimikaplatform, a cloud-based training portal that enables teachers to hone their skills capacity capacity-building courses in multiple topics.
According to Prof. Ong’ondo, the online platform for teachers will enhance effective curriculum delivery on financial matters.
“We are, therefore, delighted to launch the online programme, which will equip teachers across Kenya to rapidly integrate financial literacy elements into their practice,” he said.
Oginga said that the launch of the programme aligns with Old Mutual’s community investment strategy, which focuses on financial education, skills, and literacy programmes, including financial awareness and education programmes.
The firm Old is offering the Lengo Education plan, which acts as a long-term savings product that also provides some life cover during its term.
The product seeks to fulfill the long-term savings needs of the client while providing financial relief with 15 percent of the savings available for emergencies.
The plan comes with a life cover equal to the sum of future gross premiums, with a free cover limit of Sh1.2 million.
This is in addition to entitling the policyholder to a tax relief worth 15 percent of their premiums, and the ability to use policy as collateral for loans.