Consultancy on Financial Literacy and Impact Measurement

Premier Kenya wants to establish a financial literacy training program. The rationale is that strengthening the financial skills of clients should help improve their financial decisions. This includes better planning of their finances and avoiding overindebtedness (which is a rising risk with the increase of quick online short-term credit providing platforms). Secondly, Premier wants to establish an approach to monitor the impact of its financial services on its clients. Finally, Premier wants to get a better understanding of the market for EduFinance and Healthcare Finance. Both markets are in development in Kenya, also for low-income people (this third module is proposed to be handled by Norfund, in parallel to the current TA request). The presented work is considered to help Premier to improve its social impact through financial literacy (while monitoring will help assess and strengthen its social results).

The proposed assistance is therefore reckoned to help support Abler Nordic’s goals of:

• Increased access to responsible, relevant and affordable financial services. Focus of the work, this regards both financial literacy and the potential to strengthen the provisioning of EduFinance and HealthFinance (foreseen to be handled by Norfund).
• More stable income and better resilience to climate- and other shocks. Improved financial literacy should improve economic resilience of low-income people.
• Opportunity for self-employment, job-creation and increased income. Improved financial literacy should improve the stability and growth opportunities of MSMEs.
• Contribute to women’s economic empowerment through financial inclusion. Second focus of the work, especially for the financial literacy part.

Scope of Work:

Module 1: financial literacy for Premier’s clients to strengthen their financial skills.

Module 2:impact measurement.

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