Granite Reality Insurance (GRIA) in partnership with Capex Life Assurance in Kenya last week held its Kiambu CEO Breakfast on 21st September 2023 at Windsor Hotel.
GRIA is an agency that specializes in general, medical, and life insurance while Capex Life Assurance in Kenya, operates as a specialist in life insurance company.
GRIA invited over twenty CEOs from Kiambu among them Mr. Franis Ngure Fariji Sacco Society Limited, Azima Sacco Society Limited Mr. Douglas Kinyanji, Ms. Mary Njiiri Good Faith Sacco Society Limited, and many more.
The breakfast was filled with insights on Financial Inclusivity which was presented by the keynote speaker Mr. Benjamin Abongo, Chief Operation Officer of Capex Life Insurance.
Financial inclusivity refers to the accessibility and availability of essential financial services and products to all segments of society, particularly those who are traditionally underserved or excluded.
The breakfast aimed to highlight components of financial inclusivity and the importance of access to banking services, payment services, credit, loans, and financial education which helps Kenyans make informed financial decisions.
Financial empowerment involves acquiring the knowledge, skills, and resources necessary to make informed financial decisions and achieve financial goals. This includes effectively promoting economic development at the community level.
Mr. Abongo said “Financial inclusivity is important because it is a critical driver of economic development and poverty reduction. It also has the power to empower individuals and communities by providing them with the tools and resources needed to improve their financial well-being and participate more fully in economic opportunities”.
Financial Inclusivity can bridge the gap between different socioeconomic groups and reduce income inequality. However for this to work collaborations between governments, financial institutions, and technology providers must exist. To develop innovative and accessible financial products and services that cater to the diverse needs of underserved populations, including those in rural areas, low-income individuals, and women.
Access to Financial Services finding different ways to increase income, having a saving culture, and building on assets will lead to financial empowerment ent efforts can be particularly.
Financial Inclusivity using a case study like M-Pesa on how innovative technology and strategic partnerships can promote financial inclusivity. This has led to economic empowerment for individuals and small businesses for they have better control over their finances. They can save, access credit, and make transactions more efficiently. Reduced Poverty and Increased Security by storing cash on the phone rather than carrying it.
Key points that came out from the breakfast were that Kenyans need more financial literacy, need to be more informed on regulatory barriers, need to enhance inclusivity and see how we can bridge the digital gaps in finance.
Mr. Nathaniel Mukoma Managing Director of GRIA said that “insurance is part of financial inclusion. At GRIA we aim to provide unparalleled service and innovative coverage options that will meet our clients’ evolving needs.”
GRIA offers insurance solutions designed for what matters most. It takes complex insurance and makes it work for your team and company.
The CEO Breakfast will be carried out in different counties. Mr. Franis Ngure Fariji Sacco Society Limited said ” I have worked with GRIA and I have been with Capex Life Insurance since 2017 because they honor claims”.