MMUST Partners with Equity Bank for Staff Retirement and Financial Literacy Training
Masinde Muliro University of Science and Technology (MMUST) through the office of the Deputy Vice Chancellor Planning Research and Innovation (DVC PRI) has entered into a partnership with Equity Bank to enhance retirement preparedness and financial literacy among university staff members.
This comes after the Deputy Vice-Chancellor Planning, Research, and Innovation (DVC PRI), Prof. Peter Bukhala, hosted a delegation from Equity Bank led by Kakamega Branch Manager Mr. Peter Lubale on Thursday 8th May 2025 to discuss the collaboration.Speaking during the meeting, Prof. Bukhala stressed on the need for staff to get early sensitization on retirement and start to plan early to avoid confusion that comes with retirement “Financial literacy is a crucial skill that our staff need to develop, especially as they prepare for retirement,” said Prof. Bukhala during the meeting. “This partnership with Equity Bank will ensure our employees are well-equipped with the knowledge and tools necessary for a financially secure future.” he added.
The Equity Bank team, led by Mr. Lubale, presented a comprehensive training program designed to address various aspects of retirement planning. According to Mr. Lubale, the training will focus on several key areas including preparing staff for financially and emotionally secure retirement, providing guidelines on managing retirement lump sums effectively, exploring post-retirement healthcare options and investment opportunities, and raising awareness on the psychological and lifestyle changes associated with retirement.
“Retirement planning goes beyond just financial considerations,” noted Mr. Lubale. “Our program takes a holistic approach that considers both the financial and emotional aspects of this significant life transition.” he added.
The DVC PRI, Prof. Bukhala chairing a meeting with the team from Equity Bank
The initiative comes at a time when many institutions are recognizing the importance of comprehensive retirement planning for their employees. Studies have shown that early preparation significantly improves retirement outcomes and overall well-being of retirees.
Prof. Bukhala expressed optimism about the partnership, stating that it aligns with MMUST’s commitment to staff welfare and development. “By investing in our staff’s financial literacy, we are not only improving their individual lives but also enhancing our institution’s overall productivity and morale,” he added.
The training program is expected to commence soon, with sessions scheduled to accommodate various cadres of staff, categorized into age groups, with the first group targeting staff who are 60 years and above, the second group targeting staff between 40 and 59 years and the third group targeting staff under 40 years, without disrupting normal university operations.
Equity Bank has been expanding its corporate social responsibility initiatives in the education sector, with similar programs being implemented in other institutions across the country. This meeting was also attended by Ms. Irene Aluku, Senior Administrator from the Office of the Deputy Vice Chancellor Planning Research and Innovation (DVC PRI).
