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Students applying for education loans and bursaries will now have to take interactive financial literacy course to boost their financial understanding – thanks to a new partnership between APA Insurance and Higher Education Loans Board (HELB).
The platforms has been developed by HELB in partnership with Maisha EDU and sponsored by APA Insurance and will see a rollout of a financial literacy e-learning for university students.
Topics covered in the financial literacy course include: Interest & Savings, Banking Part I, Banking Part II, Mobile Money, Consumer Fraud, Renting vs. Owning, Insurance, Debt Management and Investing. It uses the latest Web 2.0 and new media technologies.
APA’s Group CEO, Ashok Shah said that the sponsorship of the platform is based on the firm’s strong belief in the power of the youth in the sustainable development of the country.
“The youth are the future of this nation. We need to support them to unleash their potential and achieve their dreams not only through financial support to pay for their studies, but also by arming them with appropriate life skills. This e-learning financial literacy platform will enrich the young people’s lives with important skills for their future,” said Shah.
The content financial literacy e-learning platform has been vetted by the Association of Kenya Credit Providers (AKCP), the Insurance Regulatory Authority (IRA) and the Capital Markets Authority (CMA).
HELB plays an important in the financing of university studies. According to statistics from HELB, during the 2014/15 academic year nearly 170,000 applications were received from university students and over KSh7 billion disbursed. These figures are expected to grow in the coming academic years.