Abojani Investment’s 1 Million Challenge has proved to be a game-changer in promoting financial literacy and fostering a savings culture among Kenyans. Picture of a man checking out savings account and a savings box used for illustration purposes.
The challenge was launched in 2023 with the goal that participants save one million Kenyan shillings within a year. Notably, 200 out of the 800 participants accomplished this target in the first year, marking a significant milestone for both the participants and the organisation.
Success of the 1 million savings challenge During the recently held Abojani Investments 4th Economic Empowerment Conference under the theme “Building Staying Power for African Households and businesses, Robert Ochieng, the CEO of Abojani Investment, celebrated the participants’ dedication and highlighted the importance of savings in achieving financial independence.
“The 1 Million Challenge is not just about hitting the one-million mark; it’s about changing mindsets. Only three million Kenyans are employed in the formal sector, yet the informal sector holds untapped potential. Our aim is to empower individuals across all sectors to build sustainable wealth,” he said. Participants who initially viewed the challenge as unattainable lauded the initiative for transforming their financial habits.
One participant shared their testimonial: “Before I joined this master class, I couldn’t save a cent. It felt totally impossible, and I believed that growth was only achievable through loans.
But now, watching my money grow and hitting the one-million mark feels incredible. Thank you, Abojani!”While celebrating the achievements of the 1 Million Challenge, Ochieng emphasised that one million shillings is only the beginning and encouraged other Kenyans to take on savings plans to generate passive income.
“A portfolio of one million shillings generates just KSh 10,000 in passive income per month. It’s an excellent foundation, but we encourage participants to continue building on their success and aim higher,” he advised in an interview with TUKO.co.ke.
The 100 million savings challenge Building on the success of the 1 Million Challenge, Abojani has introduced the 100 Million Challenge to target small and medium enterprises (SMEs). This initiative encourages businesses to accumulate 100 million shillings in financial assets within 1 to 15 years, depending on their capacity.
The company is partnering with ICEA LION Asset Management Ltd to offer tailored solutions for SMEs, including financial advisory services, training, and personalised financial planning. “We help them with financial and investment advisory so that they can create a portfolio of financial assets. We also do training and financial planning for business owners,” Ochieng told TUKO.co.ke.
As Abojani Investment sets its sights on scaling financial literacy and wealth creation, the 1 Million Challenge, which has had 2500 participants since its launch, serves as a testament to the power of informed financial decision-making. The company is urging more Kenyans, particularly those in the informal sector, to embrace savings and investment strategies for long-term growth.
by Elijah Ntongai
