Old Mutual to sharpen teachers’ financial literacy
Insurer Old Mutual Group has partnered with the Kenya Institute of Curriculum Development (KICD), launching a new online financial literacy program aimed at junior and senior school teachers.
According to the two institutions, this move is aimed at addressing the growing need to incorporate financial literacy into existing curricula in Kenya.
Financial literacy is now integrated into nearly all learning areas within the Competency-Based Curriculum (CBC), from pre-primary through to senior school.
Studies have highlighted that a significant portion of Kenya’s population lacks financial literacy, underscoring the need for early financial education. Research also indicates that the quality of teaching financial concepts can be greatly enhanced through engaging digital and non-digital resources.
Prof. Charles Ong’ondo, CEO of KICD, lauded Old Mutual Group for its commitment to societal transformation, particularly through educational investments. He noted that the program was introduced following a successful pilot phase involving 120 junior secondary school teachers from 36 schools across Uasin Gishu, Makueni, Laikipia, Siaya, and Kiambu counties.
“The learning gaps that were identified during our pilot, informed the extent to which financial Literacy could be infused into other learning areas,” Ong’ondo said.
Old Mutual Group CEO Arthur Oginga underscored the importance of financial management skills for the nation’s growth and development, adding that incorporating financial literacy into school curricula is essential for preparing students for a successful future.
“We are ready to work with all relevant partners in this area to ensure we have a generation of financially sound minds,” noted Oginga.
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Old Mutual has invested Kes25 million into the program, achieving several milestones: integration matrices and guidelines in 2021, online orientation courses for financial literacy teachers in 2022, a pilot program in 2023, and a financial literacy toolkit for students in 2024.
The online program is now available to junior school teachers, with plans to include senior secondary school teachers starting in 2026. The program is accessible via Elimika, a cloud-based training platform that offers capacity-building courses on various topics.
Prof. Ong’ondo highlighted that the new online platform will improve curriculum delivery on financial topics. “We are excited to launch this program, which will empower teachers across Kenya to effectively incorporate financial literacy into their teaching,” he said.
Oginga noted that the program aligns with Old Mutual’s community investment strategy, which emphasizes financial education and literacy. Additionally, Old Mutual offers the Lengo Education plan, a long-term savings product with life cover and emergency funds.
This plan provides financial relief with 15 percent of savings available for emergencies and offers tax relief worth 15 percent of premiums. It also allows policyholders to use the policy as collateral for loans.
