Yesterday I had the pleasure of sitting through a financial and digital literacy class at Dandora Community Center courtesy of Safaricom, Britam Insurance and Google. The training is part of community engagement by Safaricom as part of Safaricom Chapa Dimba which is headed to the Nairobi Regional Finals tomorrow Saturday 16th March to run through to 17th.
Attendees who were drawn from the local community came in droves and the training hall was filled up within minutes, a clear indication that this knowledge is welcome among the people. Most of them were entrepreneurs and boda boda riders from the surrounding areas.
Here are some of the lessons that were imparted.
Manage dept
With the availability of easy loans everywhere, it is very easy for one to fall into a debt trap that would then be difficult to get out of. This very common scenario can and has negatively shape people’s lives, not just in terms of constant anxiety, but also in terms of future plans since many people get into negative credit scoring and are never able to access better finances to grow their businesses.
Managing dept takes a lot of financial discipline but in the end, it is the cornerstone of financial planning for immediate and long-term goals.Top of Form
Live within your means
This may seem like a no brainer, but it continues to get so many people into financial pits. Living within your means entails spending less than you earn and being disciplined with savings and debt. It is crucial for peace of mind and eventually for financial security even for expanding families. Having control over one’s finances eventually leads to financial freedom, which is the base for great dreams and goals in future. It enables individuals to deal with unexpected expenses, pursue their goals, and enjoy a more stable and fulfilling life without the burden of excessive debt or financial stress.
Savings
With the cost of living getting higher by the day and pockets getting tighter, sparing money to set aside for a rainy day is not the easiest. Still, we have to strive to save because life will always throw unexpected curve balls that have to be dealt with. We are looking at unexpected turns like job losses, business upheavals and medical expenses for self of for loved ones to name a few. Having a safety net during such times allows people to handle as much as they can without getting into dept. Savings will also set one up to take advantage of investment opportunities or plan for long-term goals and even retirement.
A great place to save is M-Shwari, a savings and loan service that enables M-Pesa customers to save and access credit.
Have some Insurance
The financial training was courtesy of British American Insurance, and the trainer Mr. Lawrence Muchiri broke down the company’s products in health, life insurance, travel, business and accidents. This particularly hit home since most of the audience were boda boda riders whose nature of work puts them in the line of accidents on a daily basis.
Mr. Muchiri spoke at length about the partnership between Safaricom and Britam, in which people can access insurance covers for as little as 30 bob when they purchase Safaricom airtime. The service is available on *544#, option 9 and the covers are valid for 24 hours.
Google was also on ground to enlighten android users on how to make the best of their devices. I feel that this is a very crucial inclusion in the training since many people get lost in the technologies that are needed to run a Gmail account which is needed to access the play store.
The financial and digital literacy trainings are part of Safaricom Chapa Dimba’s community outreach and are offered in every region that the tournaments take place.
