Over 28,000 recipients are set to undergo financial literacy training from European Business University, with each scholarship worth KSh130,000.

This is under a KSh4 billion scholarship through the East Africa Chamber of Commerce, Industry and Agriculture (EACCIA).

Addressing a press conference at a Nairobi hotel, the President of EACCIA Richard Ngatia said the scholarships will provide the necessary skills to individuals to encourage the culture of savings and investments beyond country borders.

Ngatia said each of the 14 member countries of the EACCIA will receive 2,000 scholarships, with January 22 the deadline for applications.

The training will be conducted online by the European Business University in Luxemburg. The courses offered will include Microeconomics, Macroeconomics, Business English, Business Management, Block Chain Technology and Artificial Intelligence among others.

The courses are designed to take three months leading to Certificate of merit of the said university.

Besides the East Africa Community member states of Kenya, Tanzania, Uganda, Rwanda, Burundi, South Sudan, Somalia and Congo DRC, other members of the EACCIA including Seychelles, Comoros, Madagascar, Mozambique, Zambia, Zanzibar and Ethiopia are also eligible to apply.

This is one of the many initiatives and partnerships by the new President to foster Africa Continental Free Trade Area agreement.

Also at the conference was Chamber CEO Charles Kinuthu who said the Chamber is reaching out to the rest of Africa to promote regional trade.

Kenya’s financial literacy rates

According to the Global Financial Literacy Survey released last year, 62 per cent of the 55 million Kenyans are financially illiterate.

This is compared to Uganda’s 66 per cent, Tanzania’s 60 per cent and South Africa’s 58 percent.

The aggregate effect of financial illiteracy has been low savings and resultant low investment among households and small and medium businesses in general.

Thus, this initiative between the EACCIA and European Business University Luxemburg aim to improve financial literacy in the region with a goal to make businesses more productive and have the greater impact of improving the lives of its over 300 million people.

“We encourage suitable candidates to apply immediately and take advantage of this great opportunity to improve their business culture and productivity,” Ngatia added.