Daily Trends

Schools across the country bagged cash prizes of up to Ksh50,000 as the regional competitions of the Kenya Music Festival ended, with top honours awarded for creative performances that championed insurance adoption by rebranding it as a vital “vaccine” and a protective “ark” against life’s journey.

These messages align with this year’s KMF theme Enhancing the Creative Economy through Artistic Expression for Sustainable Development and reflect Equity Bank’s theme “Securing Lives Transformed and Wealth Created through Life, Health, and Wealth Insurance,” with the financial entity as the main sponsor of the festivals.

Educators at the festival championed the push for early financial literacy, arguing that these creative platforms are ideal for instilling crucial life skills. Abel Mariaka, a teacher and composer from CGHU Primary School, Starehe, stressed the necessity of starting early. “It’s important for them to save early because they need to prepare well for their future lives,” he said, adding that such planning is vital for covering future school fees amid inflation. As a composer, Mr. Mariaka also noted a significant shift in the festival’s creative themes, which now embrace topics like digital technology and finance. He sees this as a positive development, suggesting that even AI can be used as a tool to “encourage creativity and innovation among the students.”

John Njuguna, a trainer at Mirema School, echoed this sentiment, particularly on the subject of insurance. He stressed the practical importance of this education, arguing that it provides a foundation for future security. He noted that when today’s students face challenges like illness later in life, they can “rely on what you learned when you were young about the insurance.” Mr. Njuguna added that understanding that education has a cost and that insurance can help secure it is a vital lesson for learners.

Leading the charge at the regionals showcased across the country, Kyeni Girls High School, in a compelling narrative performed at the Chuka regionals, declared that “Insurance is your vaccine.” Their piece argued that just as a vaccine shield against illness, insurance provides a crucial defence against financial distress, covering everything from funeral expenses to ensuring “quality health without you.”

Echoing this sentiment of security, Mabe Twinkling Stars, a Primary School in Nairobi, showcased “The Ark” as their central metaphor for insurance. This ark, they explained, is a haven where individuals and their investments are protected from life’s storms. “Consider Insurance, for you never know when tragedy will attack,” they explained, highlighting the comprehensive nature of policies that cover everything from life and health to property and even work-related injuries. Their performance culminated in a powerful call to action: “Come on, come on. Let’s be assured we are insured.”

Meanwhile, Mtopanga Secondary from Mombasa championed insurance as a steadfast shield. Their recitations consistently reinforced the idea of protection and peace of mind. While preforming at Kenyatta High School Mwatate in Taita Taveta County, the high school students confidently declared, “We have removed worries. We are shielded with a shield.” This shield, they articulated, extends to various aspects of life, from ensuring financial stability in the face of illness – “It will treat cancer” – to covering funeral expenses and even providing for retirement and in times of crisis, will ensure families are not burdened.”

Mwenje Girls also detailed how insurance supports education, provides a comfortable retirement, ensures good health, and even offers support during times of disability.

With Ksh25 million sponsorship from Equity Group, the partnership has proven fruitful at the regional levels ending this July. The nationals, set to be held in Meru this August, will see top performers like Precious Blood Secondary School, Alliance Girls High School, Statehouse Girls, Meru School, St Martin Kaewa, compete for the final honors.

Kenya’s economic vitality is significantly driven by its grassroots enterprises and community groups, often known as chamas. These collective entities play a crucial role in fostering local development and economic activity.

Despite their economic contribution, these small and medium sized enterprises often face limited access to credit, compounded by low financial literacy and informal operations.

Recognising this immense potential, and the critical need for capital, financial inclusion, and a robust savings culture within these groups, Equity Bank has strategically positioned its Pamoja Banking to offer a comprehensive suite of financial solutions designed to empower groups and individuals.

Pamoja Banking offers tailored financial solutions, primarily targeting registered groups of 12-40 members across various sectors like agriculture, trade, and investments. These groups can be undergoing Business Development Services trainings offered by Equity Bank Kenya, registered with the bank, other MFIs and Banks for at least one year.

It also empowers individual micro-entrepreneurs aged 18 and above, who gain financial access through their group affiliations and individual members looking to start or expand their businesses.

Benefits of Pamoja Banking products 

Pamoja Banking offers several key advantages that extend beyond traditional credit provision. It cultivates disciplined saving habits within groups and ensures accessibility and convenience for joint and group accounts.

Furthermore, groups gain remarkable flexibility by being able to access up to three loans simultaneously. Members also benefit from free training that equips them with essential financial management knowledge, complemented by guidance from Equity’s relationship managers on productive fund utilization.

Additionally, the service provides access to 24-hour banking through a Multiple Approval Service for Joint & Group Accounts.

These advantages are delivered through a comprehensive suite of Pamoja Banking products, each designed to meet specific financial needs. These are:

Fanikisha Jamii Loan

Supports household needs, from school fees to medical bills, with amounts up to Kes 2 million and flexible repayment terms.

Pamoja Kilimo Loan

A lifeline for the agricultural sector, providing up to Kes 10 million for production, farm inputs, and machinery, with a repayment period extending to 60 months.

Pamoja Biashara Loan

Fuels entrepreneurship with up to Kes 10 million for startups, stock financing, and business expansion, repayable over 36 months.

Pamoja Investment Loan

Facilitates significant investments like movable asset financing, land purchases, and micro-housing, offering up to Kes 10 million with a generous repayment period of up to 120 months.

Beyond these core offerings, Pamoja Banking extends its reach to specialized areas:

Group Insurance Premium Financing

Supports various insurance payments (health, crop, motor, etc.) up to Kes 1 million, helping groups manage risk effectively.

Chama Investments Loan

Empowers local micro-entrepreneur groups to invest collectively, with substantial loan amounts up to Kes 100 million for project financing and real estate development.

Diaspora Chama Investment Loan

A strategic initiative targeting Kenyans in the diaspora, enabling them to collectively invest back home, with facilities up to Kes 200 million. This taps into the significant remittances flowing into the country and channels them into productive investments.

For groups and micro-entrepreneurs keen on leveraging structured financial solutions, exploring the detailed provisions of such initiatives is a crucial next step towards sustainable growth.