The partnership that will cost Sh15 million over the next one year will also offer a financial literacy program that will seek to equip young and upcoming athletes with knowledge around business ideation, entrepreneurship skills, managing and growing businesses, investment, retirement planning as well as debt management
Making the announcement, Standard Chartered Bank Kenya Chief Executive Officer Kariuki Ngari said that the partnership was necessitated by the need to support professional athletes who did lose substantial part of their income due to the cancellation of 18th Edition of the Standard Chartered Nairobi Marathon as the Covdi-19 pandemic and suspension of local sporting competitions in the Country and across the globe.
“We have identified relief as an important need area in supporting our athletes who have supported our marathon over the last seventeen years during these tough times. In addition to the food relief, we will be offering them entrepreneurial and financial literacy training that we believe will equip them with the necessary skills and knowledge when it comes to investments and starting their own businesses,” Kariuki said.
The one-year partnership will initially target 500 athletes from Uasin Gishu, Embu, Kericho, Kisii, Narok, Kajiado and Nyandarua Counties, who will be identified as vulnerable and adversely affected by the Coronavirus pandemic.
Dr Kipchoge Keino, Chairman, Kipchoge Keino Foundation on his part lauded the support from the Standard Chartered saying that the relief will enable the foundation provide food and special diets for sports training to deserving local athletes who are yet to earn a living since Kenya declared its first case in March.
“On behalf of the foundation, I appreciated the efforts from the bank in helping our athletes plan for the future as the financial literacy program will aid in building resilience and enable these athletes to diversify their livelihood skills in a bid to expand their income streams,” Dr Kipchoge added.
The partnership is the latest relief effort that the Bank has undertaken in ensuring that it makes a difference not only to its customers but to the public at large from the adverse effect of the novel Coronavirus pandemic.
Standard Chartered Bank in August cancelled the 2020 Nairobi Marathon due to uncertainties brought about by the Covid-19 pandemic. Last year, the Standard Chartered Nairobi Marathon attracted over 17, 000 participants and raised over Sh30 million towards the Bank’s FutureMakers program.