The Old Mutual Group and the Kenya Institute of Curriculum Development (KICD) have unveiled a financial literacy online programme, 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 Based 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.
(TOP: L-R – Arthur Oginga, Group CEO, Old Mutual, and Prof. Charles Ong’ondo, Director and CEO, KICD, during the unveiling of a financial literacy online programme, 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 Based Curriculum, Financial Literacy has been mainstreamed in almost all the learning areas, from pre-primary to senior school levels).
Prof. Charles Ong’ondo, the KICD CEO, lauded the Old Mutual Group for its dedication to transforming societies, and particularly through investments in education. He said the financial literacy online programme 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 identifies 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 programme at KICD, Simba Hall. He thanked Old Mutual and others for partnering with the Institute to ensure Kenyans are financially literate.
Old Mutual Group CEO Arthur Oginga, said the citizens of Kenya need to acquire some skills in financial management for 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 mind,” said 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 Kshs 25 million in the programme, achieving several key milestones, including the integration matrices and guidelines in 2021, online orientation courses for financial literacy teachers in 2022, and the pilot programme in 2023 along with a financial literacy toolkit for learners in 2024.
The online programme 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 programme, 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 programme we have developed with their support and will go a long way in enhancing our national financial literacy goals,” affirmed Prof. Ong’ondo.
Mr Oginga said that launch of the programme aligns with Old Mutual’s community investment strategy, which focuses on financial education, skills and literacy programmes, including financial awareness and education programmes.
“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 fulfil 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 Kshs 1.2 million. This is in addition to entitling the policy holder to a tax relief worth 15% of their premiums, and the ability to use policy as collateral for loans.
The Old Mutual Group in East Africa comprises Old Mutual Holdings and its subsidiaries & Old Mutual East Africa Holdings Group and its subsidiaries, which include Old Mutual Life Assurance Company (closed fund), Old Mutual Investment Group, and Faulu Microfinance Bank. The Group, which operates an integrated financial services business model, is one of the largest in East Africa and offers customers insurance, investment, banking, and savings solutions.
The Old Mutual Group is part of Old Mutual (OML). As part of OML, the Group can leverage technology and technical expertise to serve customers better and offer broad career growth prospects for employees. The Group operates in Kenya, Uganda, South Sudan, Rwanda, and Tanzania.
In Kenya, where it has served customers for over 100 years, the Old Mutual Group has the leading short-term insurance business, an investment business with over Kshs 252 billion in Funds Under Management, and a fast-growing Life Assurance business. It has established diverse distribution networks via brokers, an agency force, direct sales, bancassurance, and digital channels.
In South Sudan, the Group has the most prominent short-term insurance business. In Uganda, the Group has the largest Life Assurance Business, the largest Asset Management Business with over 67% Market share, and the second-largest short-term business in the country. UAP Old Mutual also has short-term insurance businesses in Rwanda and Tanzania.
Regionally the Group has a Kshs 20 billion property portfolio with iconic buildings; Equatoria Tower in South Sudan, Nakawa Business Park in Uganda, and Old Mutual Tower in Nairobi, among others.
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