Why financial literacy is a game-changer in sports

Esther Waititu, Chief Financial Services Officer, Safaricom. [File Courtesy] As the roar of the fans, thrill, and adrenaline rush of victory subsides, after the locker room pats on the back and victory chants, for sportsmen and women, their financial well-being echoes louder. For athletes, financial health is not just an advantage, it is a way to protect themselves from financial fraud, retirement plans, and negotiate the terms of their contracts. Financial literacy allows the athletes to secure long-term success cushioning them against injuries, retirement and other matters that might arise. Going pro can be exciting but also unpredictable. Careers can be short with unsteady income requiring intense financial planning to avoid poor investment choices. It also enables athletes to manage their incomes through budgeting, wise investments, and conscious spending. Additionally, they are able to understand their investment risk appetites, their money habits and risk management for growing wealth. That is, besides protecting themselves against financial exploitation. By prioritising financial education, prudent investing, and careful planning, athletes and sports professionals can ensure that the fruits of their labour endure beyond their athletic careers. With the right approach, they can leave a lasting legacy for themselves and their families, cementing their place not only in the chronicles of sports history but also in the realm of financial success. Safaricom continues to transform lives through sports. Our sponsorships go beyond money, we are committed to empowering our national heroes and heroines with financial knowledge as part of their career development. As part of this commitment, we are proud to have provided financial literacy training to Team Kenya, both the Olympics and the Paralympics teams, last year as part of their Paris 2024 campaign. As our National 7s Shujaa and Lionesses teams take the stage, we have also extended this crucial knowledge to them, recognising the unique nature of the game. We are also happy to partner with NBA Africa to bring the most expansive JNR NBA Programme in East Africa to life impacting thousands of boys and girls between the ages of 10-17 years. Through M-Pesa Go, a platform, we aim to empower parents and guardians to raise a financially healthy generation who are prepared for a cashless world. Integrating financial literacy and sports gives us a fantastic opportunity to not only build future athletes but also raise a financially healthy generation. We reaffirm our commitment to be a tech-powered engine of progress for the sporting community. We are committed to providing solutions that fit their digital lifestyles with products like Ziidi that allows them start their investment journeys at the palm of their hands, M-Pesa GlobalPay that gives them the freedom to shop for themselves and their loved ones while traveling or M-Ratiba that ensures their bills are paid on time wherever they are in the world through scheduled payments. We look forward to more partnerships that ensure our athletes not only win in the pitch but also in the game of life. The writer is the Chief Financial Services Officer at Safaricom

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