Equity Group & The MasterCard Foundation surpass their targets
Over 10,377 children have benefited from comprehensive secondary school scholarships and over 1.2m young men and women trained in financial literacy
New York 29th September 2015 ……Equity Group Holdings CEO and MD Dr James Mwangi speaking in New York said that the Wings To Fly program and the Financial Literacy training program known as Financial Knowledge for Africa (FIKA) has achieved the targets that Equity Group and The MasterCard Foundation had committed to during the Clinton Global Initiative (CGI) in 2010.
Dr Mwangi said ‘In Kenya, low transition from primary and low secondary school completion rates, lack of access to financial services, and high unemployment rates deny many low-income young people and women opportunities of escaping poverty and realizing their full potential. In 2010, we committed, along with The MasterCard Foundation and the Government of Kenya, to provide financial literacy skills to more than 619,500 low-income youth and women, and provide scholarships to over 672 secondary students. We are happy to report that we have far exceeded our commitment goals. With our partners, we have provided financial education to over 1,260,486 million youth and women across the country, improving the financial practices, self confidence and self-esteem of our trainees. Loan uptake has gone up 4 times while savings have increased substantially while loan quality has also improved significantly. We have also provided comprehensive scholarships to more than 10,377 secondary students through our Wings to Fly program. These students have excelled in national exams, with 93 percent qualifying for university, and a majority assuming leadership positions in their schools and communities. 15 % achieved an A grade compared to 0.6% nationally. Their performance has been nothing short of inspiring, validating our belief that given an opportunity low income people are as capable and are industrious enough to work their way into prosperity.’
President Bill Clinton and Chelsea Clinton opened the 2015 Clinton Global Initiative (CGI) Annual Meeting, bringing together more than 1,000 world leaders from the philanthropic, business, and government sectors, who have created Commitments to Action that tackle issues like education, poverty, the environment, health and girls and women’s empowerment.
“Ten years ago, I had this idea that we might be able to create a new community—built around the realities of the modern world—where problem-solving requires government, the private sector, and civil society to work together,” said President Clinton. “Rather than bringing people together to just talk about problems, CGI has asked people to stop focusing on what we couldn’t do, and think more about what we could do to make a difference.”