Athletes equipped with financial literacy skills to secure their future

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Pomp and colour marked the fifth edition of Sirikwa Classic World Cross Country Tour held at the Lobo Village in Eldoret on Saturday.

Thousands of fans descended on the scenic Lobo fairways to watch the spectacle as over 3000 athletes battled for glory in the various categories that were crowned with lucrative prizes.

Away from the tense battle zone, the athletes had a priceless chance to be taken through a rigorous financial literacy process to equip them with knowledge and skills on how to grow and double their earnings.

The workshop, conducted by Absa Bank Kenya and held at the Complete Sports Athletics Training Centre in Kaptagat, had a mixture of experienced and upcoming charges who were taken through rigorous processes on how to guard their hard-earned funds from athletic showpieces.

Some of the high-profile athletes who were taken through the lessons, that also involved investing in properties and shares, included Nanjing Marathon champion Boaz Kipkemei, Lagos Marathon champion Edwin Koech, Nairobi City Marathon 2023 champion Robert Kiplimo Kipkemboi, Istanbul Marathon podium finisher Hammington Cherop and Rome Marathon fourth-place finisher Fredrick Bii.

“As athletes, we have just noticed that lifespan of our careers is very short, so there’s a need to start an early investment plan in our active days. Personally, I’m ready to embrace the vital lessons we have been equipped with today to secure my financial future,” Kipkemei told Standard Sports.

Kipkemei's sentiments were further reinforced by Kibii, who was thrilled with the skills on how to capitalise on market share prices, benefits and interests that come with managing a fixed deposit account.

“The greatest takeaway today is that there have been, and will always be, many of us (athletes) who run, win big money but will end up broke because of a lack of sound ways to manage and invest our hard-earned big winnings,” highlighted Kibii.

Absa Bank Kenya Head of Sustainability and Corporate Affairs Charles Wokabi noted during the high-end seminar that financial literacy that is being extended to the athletes is part of the bank’s commitment to sport – to equip sportsmen and women with the knowledge and sound advice on money management skills – both on and off the track.

“We are addressing this critical need in the sporting industry, equipping sportspersons with the financial management skills necessary for them to build sustainable livelihoods and secure their sunset futures," said Wokabi.

“Our athletes have a short career span, so there's a need to help them to continue being successful financially after their active years in sports.

“This year, just as we did last season, we have been having a sit-down with the athletes – especially the upcoming ones. We are doing financial literacy training, which is a very critical component of their career."

He continued: “Yes, you are a talented athlete, you get opportunities to participate and win big money in major championships that we offer, like the Sirikwa World Cross Country and the Kip Keino classics, but the big question is, what do you do with these monies once you have triumphed?

“How do you multiply it? How do you take care of it? How do you nurture it so it guarantees you more success in both your active and sunset years in the trade?”

According to Koech, the Lagos marathon force to reckon with feels the bank has taken a critical role in educating the athletes on better financial planning, which will come in handy in retirement.

“Apart from delving into money matters, we were also taken through lessons on sustainable actions on climate change, where we also planted fruit trees. We noted that when our environment is safe, we humans are also safer. There's a need for us to plant even more trees, which will attract rains, thereby conserving our environments.

“This in turn will be beneficial to our crops and the fruit trees that we are encouraged to plant in our homes, translating into good earnings and a better return on investment,” noted Koech.

To Kipkemboi, their Modedis Running Team (MRT) camp, located in Kaptagat, is an outfit blessed with various heavy victories from across the world, granting their athletes good earnings that should now be aligned with the financial literacy training received at the weekend.

“It’s true, we win big sums every month, and now this seminar has just equipped us with the right knowledge to manage the funds. This, I strongly believe, will make our future very secure,” Kipkemboi said.

After the lessons, Cherop, who bought several plots with his big earnings overseas, indicated that he is willing to ‘surrender’ them to the bank to help him develop them.

According to MRT head coach Anderson Chirchir, the camp has requested the bank also to offer financial training to two of their athletes, Alice Serser and Emily Arusho, who were plying trade abroad at the weekend.

The camp was confident that Serser was on a mission to lift Satuday's Zurich Marathon, while Arusho is favourite for Sunday's Barcelona Marathon.

“We want our athletes to be fully equipped with the financial knowledge to guard them from such unforeseen forces like injuries that might creep in to put their careers to a halt,” noted Chirchir, who is managing 25 top athletes based at the Kaptagat camp.

Apart from the financial literacy programme offered to the athletes, Absa Kenya Foundation also extended its support to the local education sector, which was witnessed during a visit to Jasho Primary School in Kapsaret, where the team donated and installed a 10,000-litre water tank to improve sanitation and water security for the students.

To further promote environmental conservation and nutrition, the Foundation also oversaw the planting of fruit trees across the school grounds.

“These initiatives underscore Absa’s holistic approach to sustainability, blending elite sports sponsorship with grassroots community development to create a lasting legacy in the North Rift region,” said Wokabi.