Ask anyone in your work setting in Kenya and chances are that your friend or colleague is a member of up to five WhatsApp groups constantly managing pings and reminders to register a pledge or wire money to some cause.

From one group appealing for medical aid to yet another seeking support, for say, school fees, besides the ubiquitous ruracio among communities in Kenya, the widespread social fundraising at which these calls are coming up is just the tip of the iceberg.

While the evolving nature of banking on social circles in Kenya could leave any outsider in awe as the public's ingenuity in riding on M-PESA grows, there is an underlying question about the need for sufficient safety nets in society.

Currently, Kenya's level of insurance uptake remains low at 2.3 percent of the GDP. The scenario is, however, dire in Tanzania and Uganda, where families and communities are often at risk in the event of a pressing need such as specialized medical care.

It is because of this dire situation that financial services giant Jubilee Insurance has unveiled a new campaign, dubbed, "There's living, and there is living free," aimed at bridging the gap between complex insurance concepts and customers’ everyday needs in Kenya, Tanzania, and Uganda and the larger East African region.

Jubilee Insurance Group CEO Dr. Julius Kipngetich underscored the need to raise awareness on making smart financial decisions, saying, "We are seeing an increase in mental health challenges, many of which are linked to financial instability."

"At Jubilee Insurance we understand that financial uncertainty can deeply affect individuals' overall well-being."

“Our campaign is a proactive step towards addressing these challenges. By engaging with our communities across Kenya, Uganda, and Tanzania, we aim to highlight the critical importance of making informed financial and investment decisions. We are confident that this initiative will play a crucial role in improving quality of life and fostering financial stability," Dr Kipngetich said.

Across the region, financial literacy remains low with a 2021 Global Financial Literacy Survey showing that Kenya's financial literacy rate is 38 percent, Uganda's (34 percent), and Tanzania's is at 40 percent.

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Financial knowledge

Consequently, this deficiency in fundamental financial knowledge often hampers individuals' ability to make informed decisions on savings, investments, and insurance.

Additionally, the lack of financial understanding in the region extends to health-related decisions, impacting the effective management of healthcare costs and access to preventive care. Addressing this gap is, however, crucial in driving sustainable economic growth and improving overall well-being.

Jubilee Insurance Group Head of Marketing and Corporate Communications Caroline Ndungu highlighted the company’s belief that financial literacy is crucial for securing a brighter future for individuals and communities across East Africa and beyond.

“We will dedicate ourselves to passing on the knowledge we have accumulated and the insights we have gained. The goal of the campaign is to simplify the lives of our customers and the broader community, making the complexities of insurance and investment more understandable and accessible,” noted Caroline.

On his part, Mr. Juan Cazcarra, Group Chief Operating Officer at Jubilee Insurance, expressed enthusiasm about the campaign's regional impact, saying, "At Jubilee Insurance, we take great pride in our identity as East African citizens."

"This campaign represents a significant investment in consumer education, offering our company an opportunity to make a meaningful contribution. We look forward to engaging with communities across Kenya,Uganda, and Tanzania as we empower individuals with the knowledge and tools they need."

The initiative will run throughout the remainder of 2024 and into 2025 as Jubilee Insurance works towards bringing about meaningful change while fostering a secure financial future.

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