Addressing these shortcomings, the new campaign aims to simplify the concepts of insurance and investment, which are often perceived as complex and inaccessible. By enhancing financial education, the initiative seeks to equip individuals with the necessary tools to make sound financial decisions, protect their health, and prepare for the future. Stakeholders argue that bridging this knowledge gap is crucial for sustainable economic growth and improved well-being across the region.
The campaign’s launch highlighted the challenges facing the region. Sumit Guarav, CEO of Jubilee Life Insurance, spoke about the company’s commitment to financial literacy, stating, “With over 87 years of industry experience, we will dedicate ourselves to passing on the knowledge we have accumulated and the insights we have gained. The goal of the campaign is to simplify the lives of our customers and the broader community, making the complexities of insurance and investment more understandable and accessible.”
The campaign also comes in response to findings from the Insurance Outlook Report 2023 by Deloitte, which revealed that insurance penetration in Uganda, Tanzania, and Kenya is less than 2% of GDP. Additionally, the Global Findex Report indicates that only 41% of adults in these countries are financially resilient, meaning that less than half of the population is prepared to handle unexpected financial challenges. This lack of preparedness further highlights the importance of initiatives that promote financial literacy and resilience.
Dan Musiime, CEO of Jubilee Health Insurance, emphasised the importance of the campaign in the current economic climate. “In today’s dynamic economic environment, we are seeing an increase in mental health challenges, many of which are linked to financial instability. At Jubilee Insurance, we understand that financial uncertainty can deeply affect individuals’ overall well-being. Our campaign is a proactive step towards addressing these challenges. By engaging with our communities in Uganda and the wider East African region, we aim to highlight the critical importance of making informed financial and investment decisions. We are confident that this initiative will play a crucial role in improving quality of life and fostering financial stability,” Musiime said.
The campaign will employ a comprehensive strategy to reach communities across Uganda, Tanzania, and Kenya. This strategy includes aggressive media engagement, out-of-home advertising, creative campaigns on radio and TV, and thought leadership on key issues related to investment and financial planning. By leveraging these channels, the campaign aims to break down the barriers that have kept many from understanding and engaging with financial products.
Zul Abdul, Group Chairman of Jubilee Holdings Limited, expressed his enthusiasm for the campaign’s regional impact. “At Jubilee Holdings, we take great pride in our identity as East African citizens. This campaign represents a significant investment in consumer education, offering our company an opportunity to make a meaningful contribution. We look forward to engaging with communities across Uganda, Tanzania, and Kenya as we empower individuals with the knowledge and tools they need,” Abdul noted.
This initiative, which will run throughout the remainder of 2024 and into 2025, reflects a commitment to fostering financial literacy and security across East Africa. By focusing on education and awareness, the campaign aims to bring about meaningful change and build a more financially resilient society.
