We must empower next generation through Kenya's rich cultural heritage

Council of Governors Chairperson Anne Waiguru, Tharaka Nithi Governor Muthomi Njuki and his deputy Nyaga Muisraeli at Ura Gate Cultural Festival in Tharaka County. [Phares Mutembei, Standard]

Kenya’s vibrant and diverse cultural landscape has become an integral part of everyday life.

The Kenya Music Festival, for instance, is one of the country's largest and most influential cultural phenomena. It is an annual extravaganza that brings together thousands of participants from schools and communities nationwide.

But it is more than just a showcase of talent, it's a dynamic platform where creativity, learning, and ideas converge. Amid the drumbeats and the dances, it is a fertile ground to introduce and teach essential financial concepts by leveraging the power of culture to inspire and educate in a way that resonates deeply with the Kenyan spirit.

Even so, the Kenyan financial services sector is at a crucial crossroads, where weaving financial literacy into the everyday lives of our people is not just an honourable pursuit but a vital necessity for sustainable growth.

As our economy advances, the call to equip Kenyans with the knowledge to navigate their financial journeys grows louder. By embedding these lessons into our cultural pillars like the Kenya Music Festival, we’re seizing an opportunity and crafting a uniquely Kenyan path to prosperity. Here, where the rhythms of our heritage meet the realities of modern life, we have the power to strengthen the economic future of every mwananchi.

This is exactly what we at Jubilee Life Insurance sought to bring to life during the recent 96th Kenya Music Festival extravaganza held in Eldoret last month.

In a dynamic partnership with the Kenya Music Festival, Jubilee infused the event with essential financial principles like saving, investing, and understanding insurance, as part of our strategic focus on empowering Kenyans through financial literacy.

We aimed to transform financial literacy from a mere concept into a vibrant, relatable, and impactful experience that resonates deeply with every Kenyan, ensuring that these lessons are not just learned, but lived.

However, government support is essential in scaling these efforts.

The Kenyan government, on its part, has shown a solid commitment to promoting financial literacy through various initiatives, such as the National Financial Education Strategy 2020-2024. Yet, for these initiatives to truly take root and flourish, collaboration with private players, educators, and cultural institutions is vital.

With Kenya's gross domestic product projected to grow by 5.5 per cent in 2024, and youth unemployment rates still hovering around 13.7 per cent, the urgency of equipping our young people with financial knowledge cannot be overstated.

Partnerships between financial institutions and the Ministry of Education could be a game-changer. Picture financial literacy modules being introduced in schools, taught not just through textbooks but through the rhythms of our music, the movements of our dance, and the stories in our drama.

It’s about making learning come alive in a way that’s uniquely Kenyan, ensuring that financial wisdom is passed down through generations, not as a dry obligation, but as a vibrant part of our culture.

This approach is especially crucial in Kenya, where insurance uptake remains worryingly low at 2.4 per cent as of 2023, according to the Insurance Regulatory Authority.

Moreover, by demystifying insurance and financial services through culturally relevant platforms, we can break down the barriers of misunderstanding and suspicion that often keep people from embracing these vital services. As sector players, we are responsible for taking bold steps toward enhancing financial literacy among the younger generation.

The writer is the CEO of Jubilee Life Insurance