The Old Mutual Group and the Kenya Institute of Curriculum Development (KICD) have today unveiled a financial literacy online program, 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 that have been carried out 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. The studies 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, particularly through investments in education. He said the financial literacy online program was established after KICD in partnership with Old Mutual Limited, 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,” said Prof. Ong’ondo, during the launch of the program at KICD, Simba Hall. 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,” said Mr. Oginga. He elaborated that their partnership with KICD is part of Old Mutual’s Learn. Think. Do (LTD) initiative which aims to mainstream financial education in empowering sustainable and responsible financial well-being for Africa’s youth.
“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,” said Prof. Ong’ondo.
Old Mutual invested an initial KES25 million in the program, achieving several key milestones, including the integration matrices and guidelines in 2021, online orientation courses for financial literacy teachers in 2022, and the pilot program in 2023 along with a financial literacy toolkit for learners in 2024.
The online program is now available to all junior school teachers, with senior secondary school teachers onboarded from 2026. It is accessible via the Elimika platform, a cloud-based training portal that enables teachers to hone their skills through capacity-building courses in multiple topics.
Prof. Ong’ondo added that the online platform for teachers will enhance effective curriculum delivery on financial matters. “We are, therefore, delighted to launch the online program, which will equip teachers across Kenya to rapidly integrate financial literacy elements into their practice,” he said.
The private sector is an instrumental player in accelerating our national education goals, and I must thank Old Mutual for its continued support of core learning objectives. This online program we have developed with their support will go a long way in enhancing our national financial literacy goals” affirmed Prof. Ong’ondo.
Mr. Oginga said that the launch of the program aligns with Old Mutual’s community investment strategy, which focuses on financial education, skills, and literacy programs, including financial awareness and education programs.
“Old Mutual continues to offer tailored savings plans for investment in education,” said Mr. Oginga.
Old Mutual 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% 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 KES1.2 million. This is in addition to entitling the policyholder to a tax relief worth 15% of their premiums, and the ability to use the policy as collateral for loans.
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