Old Mutual Kenya and its subsidiary Faulu Microfinance Bank have taken a financial literacy and inclusion campaign to Mombasa, encouraging traders and residents in the coastal region to embrace saving, investment and insurance as tools for improving their financial wellbeing.
The engagement, dubbed “MarketStorm,” brought together senior officials from the two institutions and traders at a busy market stall, where they explained available financial solutions and encouraged low and middle-income earners to adopt saving and investment plans suited to their needs.
Speaking during the exercise, Old Mutual Life Assurance Kenya Managing Director and Principal Officer Martin Karenju said the initiative was part of the company’s strategy to reach customers at their places of work and understand their financial challenges.
“We usually do this at different markets. It is our chance to come together as a group, understand the markets and drive an integrated agenda, so that customers can get all their financial needs sorted in one place,” said Karenju.
He noted that the Mombasa activation was the third MarketStorm engagement held this year and the second time the initiative had been brought to the coastal city.
Karenju encouraged Kenyans to continue investing despite prevailing economic challenges, saying financial discipline today helps secure future needs.
“Investing is paying your future self. It may feel like pain today, but you are doing it for your future self. There are always opportunities to invest, and we have mutual investments that give competitive returns,” he said.
He observed that saving patterns vary across generations, with younger Kenyans, particularly those engaged in the gig economy, showing greater flexibility and capacity to save.
“For the sandwich generation, they struggle with saving because they are taking care of elderly parents and children at the same time. For the older generation, many invested in their children, so they don’t have much capacity left,” he said.
Also present during the exercise was Old Mutual Kenya General Insurance Managing Director Japheth Ogalloh, who said the engagement provided an opportunity for the company to interact directly with existing and potential customers.
“As a mutual, we have a bouquet of solutions, so we are encouraging the public to invest and save with us because we offer this array of financial protection to everyone,” said Ogalloh.
He added that Old Mutual’s products are designed to serve different age groups, from young people starting their financial journeys to retirees seeking financial security.
Representing Faulu Microfinance Bank, Head of Business Growth, Institutional Banking and Partnerships Justus Kittony said the institution was focused on increasing awareness of its financial services among Mombasa residents and traders.
“We want to create awareness about our brand and ensure customers understand what we do. We provide financial solutions, from insurance and investment to working capital, loan facilities and payment solutions,” said Kittony.
He said Faulu would continue supporting businesses through services such as asset finance, working capital support, advisory services, money transfer solutions and fixed deposit investments.
Kittony encouraged traders to visit Faulu outlets to access financial solutions that can help them grow their businesses and improve financial resilience.
By Ramadhan Nassib and Mary Mtawa
