MINISTRY OF MINING AND HOUSING FINANCE COOPERATION PARTNER TO ENHANCE FINANCIAL LITERACY FOR SEAFARERS.
BY BERNARD MULWA.
The Ministry of Mining, Blue Economy and Maritime Affairs State Department of Shipping and Maritime Affairs has joined efforts with Housing Finance Cooperation of Kenya HFCK to give financial education to Seaferers.
The Principal Secretary Geoffrey Kaituko outlined that the participants who are about to be on boarded by different companies and it is therefore important for them aquire financial literacy on how they can manage their resources given that they spend an extended period of time in the sea while entrusting their monies to their relatives or invest back at their homes but when they come back they don't find the investments which they end up going into depression." PS said, "Said te Ps.
HFCK come up with a product that is going to encourage Seaferers to save and invest whatever money they will be making" adding that,the government wants to encourage workers working overseas to invest back home and therefore, Seaferers being in that category will benefit greatly ftom the engagement with HFCK.
The PS observed that HFCK has a good reputation and will also be availing financial advice from time to time on individual basis. The PS also assured to support Seaferers working closely with their union from unscrupulous companies and in cases of Seaferers who gets abandoned in foreign countries.
The PS also said that the Maritime sector is a heavily regulated sector adding that Kenya employers are held to higher standards, noting that Kenya is a signatory to the Labour Convention if 2006 which obligates the government to ensure that the higher standards are observed.
