Old Mutual Group, in collaboration with the Kenya Institute of Curriculum Development (KICD), has unveiled a comprehensive financial literacy online program for junior and senior school teachers. This initiative, valued at Sh25 million, aims to equip educators with essential financial management skills to be integrated into the national curriculum.
Addressing the Financial Literacy Gap
The new program emerges as a response to the increasing need for financial education within Kenya’s school curricula. Studies have shown that a large segment of the population lacks fundamental financial literacy, underscoring the importance of early and consistent financial education. The Competency-Based Curriculum (CBC) has already incorporated financial literacy across various learning areas from pre-primary to senior school levels. However, this initiative seeks to address identified gaps and enhance the quality of financial education provided.
Program Development and Implementation
The module’s development was informed by a successful pilot program conducted by KICD, which involved 120 junior secondary school teachers from 36 schools in five counties: Uasin Gishu, Makueni, Laikipia, Siaya, and Kiambu. The pilot revealed key learning gaps, which have been addressed in the new program to ensure that financial literacy is effectively woven into the curriculum.
Prof. Charles Ong’ondo, CEO of KICD, praised Old Mutual for its commitment to societal transformation through educational investments. He noted that the online program, accessible via the Elimika platform, is designed to enhance teachers’ capacity to deliver financial literacy education effectively. The platform supports various capacity-building courses, allowing teachers to continuously refine their skills.
Old Mutual’s Vision for Financial Literacy
Arthur Oginga, CEO of Old Mutual Group, emphasized the critical role of financial literacy in national development. He stated, “Teaching financial literacy in schools is no longer an option but a necessity. It equips learners with the knowledge needed for a successful future.” Oginga highlighted that the program aligns with Old Mutual’s broader community investment strategy, which focuses on financial education and skills development.
Future Prospects and Benefits
The financial literacy program is initially available to junior school teachers, with plans to onboard senior secondary school teachers by 2026. The online training aims to ensure that educators across Kenya are well-prepared to integrate financial literacy into their teaching practices, ultimately contributing to a generation of financially savvy individuals.
In addition to the training program, Old Mutual has introduced the Lengo Education Plan, a long-term savings product offering life cover and financial relief. This plan supports clients in achieving their savings goals while providing emergency funds and tax benefits, further complementing the financial literacy initiative.
Conclusion
Old Mutual’s Sh25 million investment in financial literacy training represents a pivotal step towards addressing the financial education deficit in Kenya. By equipping teachers with the necessary tools and knowledge, the program aims to foster a culture of financial literacy from an early age, ultimately contributing to the broader goal of national financial empowerment.
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