This is with a bias in Investments, Credit and Debt.
FLOWK 2019 seeks to go deeper by promoting financial education and awareness especially in light of the digital financial applications and platforms that are in the market that enable Kenyans to access short-term credit as well as for purposes of savings.
With the rapid growth of the mobile phone subsector, Kenyans have found convenient ways of transacting through their mobile phones. Today, mobile phones have become “mini-banks” where you do not need to physically visit any bank because this can be done right from your handset. Today, financial institutions have adopted services like Mpesa, Airtel Money and others, to enable their clients to deposit, borrow short-term loans and even withdraw money.
Despite these benefits, we have seen an upward trend where Kenyans borrow short-term loans from various Mobile Applications, to cater for personal needs and this has resulted to a high default rate with many listed at CRB. Further to this, many have gone further into gambling and betting with some borrowing money to bet in the hope for higher returns. This has had a major impact in households to a point that the government has now begun to regulate these betting firms.
With this perspective in mind, our model for FLOWK 2019 is geared towards appreciating the importance of digital inclusion in our ever growing economy, and how the population can leverage on such mobile platforms for their own individual benefit as well as benefit to the country. This is while addressing the recurring challenges.
We will have a series of programs and activities in various months i.e. April & August, which will then culminate to a main event later this year. Look out for more updates!