Financial literacy month takes place in April and provides a platform for individuals and organizations to reflect on the financial decisions to be made through the year. Financial literacy is a conversation that needs to start early in life. Access, inclusion sustainable transformation of individuals and societies form a big part of literacy, ensuring that everyone makes informed decisions on their finances.
Absa Bank Kenya has, for a very long time, invested in the empowerment of individuals and communities by focusing on deliberate inclusion and access, especially for society’s most overlooked. The Absa Kenya Foundation has been a strategic driver in the bank’s shift towards supporting development and social change, notably in the areas of education and wellness. Formed as a social arm of Absa Bank Kenya the Foundation focuses on four key strategic pillars- entrepreneurship, education, natural resources management and health and humanitarian relief.
While the other strategic pillars are important, the foundation’s social impact can especially be felt through its belief in the power of education that stretches beyond formal schooling and entails other forms of sustainable learning and empowerment that grow the economy. These initiatives like digital and financial literacy, capacity building and skills development. On the other hand, while scholarships are a key driver in foundational education, the foundation’s focus on life beyond the classroom ensures that beneficiaries of scholarships and bursaries programmes are offered support like mentorship, career guidance and internships to prepare them for life after school. In doing so, the foundation is bridging the gap between potential and opportunity.
We live in a society where economic reliance is tightly interwoven with inclusion and equity, and the corporate sector cannot afford to be left behind, moreso in providing financial literacy services. The role of corporate foundations has increasingly become more important as the world moves towards a more equitable and sustainable economy. Investing in the sustainable transformation of societies and the empowerment of people, as opposed to financial handouts, has been proven to shape societies and impact generations. Sustainable empowerment of societies cannot be achieved through handouts, but through deliberate, people-first actions.
As the world marks another Financial Literacy month, we need to collectively understand that financial literacy goes beyond budgeting. It’s about building inclusive foundations that transcend gender, physical abilities or geography.
In enhancing financial literacy, the foundation is enhancing sustainable empowerment by providing tailored and long-term solutions across all social classes and groups- especially for youth, women and people with disabilities. Social impact can be used to build capacity and reduce dependency. Absa Kenya Foundation’s impact is creating lasting change where it matters most- at the grassroot level. The people-first approach adopted by the Foundation has become to be a blueprint for other organisations- to think beyond donations and handouts, and focus on steady systemic changes that empower Africa’s tomorrow, today.
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