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Tag: financial literacy

  • Company unveils financial literacy books for children

    Company unveils financial literacy books for children

    To mark this year’s International Children’s Day, Zedcrest Group, a financial services firms, has unveiled two books: The A-Z of Finance Colouring Book and Zedcrest Little Heroes: A Financial Literacy Journal for Kids.

    The firm said it will give young children fundamental concepts of financial literacy. 

    This initiative, inspired by the theme this year: “Inclusion, for Every Child”,  reinforces our commitment to democratise access to financial education and reliable wealth management tools for Nigerians. 

    With The A–Z of Finance Colouring Book, children are introduced to simple concepts through the English alphabet, with illustrations, and short notes. The book gives meaning to how kids engage with their ABCs by relating each letter and illustration to everyday financial scenarios. 

    The Financial Literacy Journal features relatable fictional stories and activities that follow young characters, or “little heroes”, as they learn and share lessons about money in playful and engaging ways. Each story presents a little hero in a unique scenario where they apply their knowledge of money management to make smart financial decisions. At the end of each story, the journal invites children to reflect and note the key lessons learned.

    Speaking at a book read and  launch at Zedcrest office in Lagos, Group Head of Brands and Communications, Oyinkansola Adeboye, said the initiative reflects the firm’s mission to raise economic outcomes by promoting financial literacy across in the society. 

    Read Also: Heirs Insurance trains 150 informal workers on financial literacy skills

    She said a financially inclusive society begins with giving kids financial literacy early.

     “Zedcrest has championed financial literacy since 2013 through workshops and learning resources … and this Children’s Day is an opportunity to give them values of saving, investing, and  smart money management…” she said.

    In developing these learning materials, Zedcrest Group partnered with the Fantasia Book Club founded by Tomiwa Ogundun. Commenting at the launch event, Ogundun said, “Fantasia Book Club is fueled by a strong passion to help children build critical life skills, and financial literacy is a core aspect of that journey. I am confident that these books will shape how children think about savings, spending, and planning for the future, and Fantasia Book Club is deeply honored to have worked with the Zedcrest Group to bring this enormously impactful project to life. 

    This initiative is part of a broader lineup of activities organized by Zedcrest Group to mark Children’s Day within the organization. Other highlights include a fun Financial Literacy Quiz for parents and their children, as well as an Arts and Essay Competition for children aged 4 to 12.

    Physical copies of the colouring book and financial literacy journal will be made available to the public at no cost, to encourage more parents and guardians to start important conversations about money with their children and wards from an early age, while also enjoying the bonding experience.

  • Financial Scams and Digital Fraud: Why Financial Literacy is critical in Africa, by Amos Ogunola

    Financial Scams and Digital Fraud: Why Financial Literacy is critical in Africa, by Amos Ogunola

    The Growing Threat of Financial Scams in Africa

    As Africa’s digital economy expands, so does the risk of financial scams and digital fraud. Mobile money, online banking, and cryptocurrency investments have provided greater financial access, but they have also created opportunities for fraudsters to exploit unsuspecting individuals. From Ponzi schemes to phishing attacks, many Africans have fallen victim to scams due to a lack of financial literacy and digital security awareness.

    The Rise of Digital Fraud

    According to a 2023 report by the African Cybersecurity and Fraud Prevention Initiative, digital fraud cases increased by 32% across Africa, with Nigeria, Kenya, and South Africa among the most affected countries. Mobile money fraud alone accounted for over $150 million in reported losses, highlighting the vulnerabilities in digital transactions. Scammers use tactics like fake investment schemes, SIM swap fraud, and phishing emails to deceive individuals and businesses.

    Why Financial Literacy is Key

    Financial literacy goes beyond understanding how to save and invest—it also includes the ability to recognize and avoid scams. A financially literate person can:

    – Identify too-good-to-be-true

    – ⁠investment offers that promise unrealistic returns.

    – ⁠Understand the risks of sharing personal banking details online.

    – ⁠Recognize phishing attempts and fake loan offers.

    – ⁠Make informed decisions about cryptocurrency and forex trading, which are often exploited in fraud schemes.

    Bridging the Financial Knowledge Gap

    To combat the rise of scams, governments, financial institutions, and fintech companies must work together to improve financial education. Schools should integrate financial literacy into their curriculum, while banks and mobile money providers must educate their users on fraud prevention strategies. Digital financial services should also include stronger security measures to protect users from cybercriminals.

    Conclusion

    The rise of financial scams in Africa underscores the urgent need for financial literacy. As digital transactions become the norm, individuals must be equipped with the knowledge to protect their finances, make informed decisions, and avoid falling victim to fraud. A well-informed population is not only less vulnerable to scams but also better positioned to participate safely in Africa’s growing digital economy.

    About the Author

    Amos Ogunola, PMP is a Data Scientist and Project Manager with expertise in using Artificial Intelligence and data-driven solutions to help businesses optimize operations, enhance cybersecurity, and drive innovation in digital ecosystems. He is also passionate about leveraging technology for social impact, fostering digital inclusion, and empowering underserved communities through scalable and sustainable tech-driven solutions.

  • ‘Financial literacy essential for empowerment’

    ‘Financial literacy essential for empowerment’

    Financial literacy, financial consumer protection, and financial inclusion have been described as three essential pillars for the financial empowerment of individuals and the overall stability of the financial system.

    Director-General, Securities and Exchange Commission, Dr Agama Emomotimi stated this at the flag-off of the 3rd Phase of the AFEC Financial Literacy and Inclusion Awareness Campaign organised by Abuja Enterprise Agency held in Abuja.

    Represented by Deputy Director  Market Development, Mrs. Ojone Kabir, Agama explained that by raising awareness and providing practical financial knowledge, the Agency is  helping to create a more inclusive and equitable financial environment.

    He said, ”According to the EFINA  2023 survey, Nigeria’s financial inclusion landscape has transformed significantly from 2016 to 2023 with formal financial service usage growing from 30,percent to 50 percent”

    Read Also: EFCC and the governors

    “The adoption of financial services agents has also skyrocketed from 4.4 percent in 2018 to 54 percent in 2023, this is a positive development , as it means more Nigerians are able to access formal financial services”

    “Financial literacy is crucial for making informed decisions and achieving financial well- being , despite this urgent need, levels of financial literacy remain low, this campaign is a vital step towards improving financial literacy and empowering individuals to make sound financial decisions’’.

    Agama noted that Nigeria with her dynamic economy has the potential to remain the largest and most vibrant economy in Africa  but that the potential is significantly  constrained by the limited financial capability within the nation’s population.

    The SEC DG stressed that Financial literacy is becoming increasingly important in today’s complex and

    uncertain world adding that the growing complexity of financial instruments, coupled with rising inflation and global uncertainties stemming from geopolitical tensions and climate change, highlight the urgent need for individuals to build financial capability and resilience.

    Agama said the  initiative represents a critical step toward fostering a more financially literate and inclusive society, and I am delighted to be part of this important event.

    He said the SEC is mandated with a dual responsibility to regulate and develop a fair, orderly, and transparent Nigerian capital market that engenders investor confidence.

    According to Agama, “A key aspect of this developmental role is investor education and financial literacy. The SEC recognizes that a well-informed population is essential to the stability and growth of the financial system.

    “In line with this, the Commission, in collaboration with other stakeholders, is working toward incorporating capital market studies into the curricula of basic, primary, and secondary schools.

    This initiative is aimed at ensuring that children develop a solid foundation in financial literacy, preparing them to become enlightened and responsible adults in the future.

    Agama emphasised that the Commission is deeply committed to fostering a comprehensive capital market curriculum in Nigerian universities saying that then ongoing initiative remains a priority for the Commission, as it is vital to equip future professionals with the knowledge and skills required to navigate the evolving capital market.

    In his welcome remarks, the Acting Managing Directors, Abuja Enterprise Agency ( AEA) , Mr. Chidi Ugwuada- Ezirigwe disclosed that the agency has successfully sensitize over 150, 000 households in the Federal Capital Territory on financial literacy and inclusion.

    Ugwuada – Ezirigwe, also revealed that the agency has taken delivery  of business and financial management education to 38,127 Micro, Small and Medium Enterprises ( MSMEs)  which has enhanced their financial knowledge  and better decision – making in their business operations

    He stressed, “ Facilitation of access to financial services especially to the unbanked- underbanked  MSMEs in the rural areas in FCT have been taken care of, we have also ensure the facilitation of access to grant/ loan facilities to approximately, 30,000 MSMEs in the territory under various government and private intervention programmes / schemes.”

    He added that the 3rd AFEC financial Literacy  and Inclusion Campaign being flagged off is aimed at equipping MSMEs and individuals with requisite financial skills to navigate the complex world of business and financial management so as to make informed decisions that foster financial security and business success.

  • Taking financial literacy, inclusion to youths

    The Central Bank of Nigeria’s (CBN’s) financial inclusion project, backed by the Bankers’ Committee, is getting the support of many commercial banks. FirstBank has, through its XploreFirst Savings Campaign, empowered university undergraduates with cash and scholarship. The campaign is part of the lender’s plan to get more youths into the financial services net and boost students’ knowledge of savings and investment, writes COLLINS NWEZE.

    THE Central Bank of Nigeria‘s (CBN’s) Bankers’ Committee and commercial banks are taking financial literacy and inclusion of youths in the sector very seriously.

    CBN Governor, Godwin Emefiele has continued to take steps to deepen banking. The hope for Nigeria to achieve 80 per cent financial inclusion rate in next year received a major boost, when the Enhancing Financial Innovation & Access (EFInA), released its last year’s survey. It showed that 63.6 per cent of the country’s adult population has access to financial services.

    For FirstBank of Nigeria Limited, now is the time to promote financial inclusion, especially among the youth and at the grassroots. The commercial bank took its financial inclusion and youth empowerment to institutions of higher learning, targeting the students in financial institutions in its XploreFirst Savings Account campaign.

    In alignment with its financial inclusion drive, FirstBank has completed a campaign for rewarding its youth segment customers for using their FirstBank’s XploreFirst Savings accounts and encouraging healthy savings. The promo, which kicked off last October 1 ended on March 30, this year.

    XploreFirst account was  designed for students between 18 and 29. A minimum amount of N1,000 is required to open the account and account holders are to maintain a balance of N200.

    To participate in the promo, XploreFirst customers ware expected to save or maintain a minimum amount of N10,000 in their accounts during the promo to be eligible for the scholarship raffle draw. Incremental deposits of N10,000 in the account entitles the account holder to multiple tickets for the raffle draw.

    One hundred and eighty winners emerged from the promo with 18 account holders (three from each of the six geo-political zones) being rewarded with scholarships worth N150,000 in a grand finale raffle draw and N5,000 airtime as consolation prizes for 180 account holders.

    According to the Group Head, Products & Marketing Support, Abiodun Famuyiwa, “FirstBank recognises the impact of a healthy savings culture in promoting financial inclusion among individuals, especially the youth. And with the saying, the youth are the leaders of tomorrow, we believe that with XploreFirst account, the youth are well positioned to take the lead in their financial activities through the exciting benefits the account offers.

    ‘’So, if you are a student between  18 and 29, take a walk into any FirstBank branch near you to open an XploreFirst account. Start your journey to financial freedom  with Firstbank.”

    At the final draw of the promo, FirstBank splashed  scholarships worth N2.7 million on 18 customers to boost savings culture and promote financial inclusion among students.

    The winners were drawn from  the six geopolitical zones and Lagos at the final/grand raffle of XploreFirst promo in Lagos.

    Some of the scholarship winners include Offiong Michael, Ezugba Chukwuebuka,  Olorunfemi  Oluwatunmise,  Adekale  Adenike and Agbakwuru Dorcas.

    The winners emerged through an electronic draw handled by Tequila for the bank and supervised by KPMG, National Lottery Regulatory Commission, Lagos State Lottery Board and Consumer Protection Commission (CPC).

    FirstBank  Group Executive, e-Business & Retail Products, Chuma Ezirim, said: “XploreFirst is a FirstBank savings account variant designed specifically for students between 18 and 29 years.”

    Ezirim said: “Customers are offered yearly scholarships of N150,000 as incentives to maintain a certain amount of deposit, in this case, N10,000 in their account over a 30-day period to qualify for the monthly draws and giveaways.

    “Customers who would successfully maintain the set balance over the six-month period are eligible to win the jackpot of N150,000, the grand finale prize.”

    Ezirim noted that the initiative would be sustained by the bank in the future in line with CBN’s financial inclusion mandate.

    The bank’s Head, Youth/Women Banking Olufemi Odumuboni  said the promo was centered on making people to engage in financial discipline.

    Odumuboni said winners were selected based on certain principles that made them eligible for the draw.

    He explained that apart from the N2.7 million set aside for the yearly scholarships that the bank had splashed about N900,000 to customers that emerged winners at the various monthly draws for data purchase for their mobile phones.

    “Winners from the monthly draw selected from the bank’s six geopolitical zones are entitled to N5,000 each, which they are encouraged to use for data purchase for their mobile phones,” Odumuboni stated.

    An executive of Consumer Protection Council, Susie Onwuka,  commended the bank for ensuring transparency throughout the promotion process.

    Onwuka said the bank had deployed modern technology in the promo to eliminate bias, noting that, the agency was happy with the process and the bank. “Promotions should be registered to show transparency and ensure fairness to the consumers,” she stated.

    Onwuka continued: ‘’As far back as 2008, the bank has been running promos on savings. But this year, it decided to break it down to favour the youth population. This is why we singled out this very product, which is xplore first and customers that open this account open it to this reward scheme. The bank actually has three different account for the youth segment.

    “We have a special account for zero to 12 years, known as the kids’ first account.

    “What we hear other players in the industry do is the usually method of rewarding customers. But we try to segment the market and we have come down to this segment which is the youth segment and most are university undergraduates. Our expectation is that this initiative is going to return a lot of impact to the bank, in terms of customer acquisition, customer retention and brand visibility. The bank has done a lot since 2014 in our engagement initiative to come with the understanding that as big as the bank is, first is still nimble.

    “With over 700 branches, we try to spread this initiative across the six geo-political zones of the country where the bank is. For a political zone, such as Lagos, we have given out five winners, Southwest, we have given out five, we have gone to Northcentral and we have given out five and at Southsouth, we have gone out five. Therefore, with five winners emerging from the six geo-political zones, that is 30 winners. Of course, for the next six months, this is what the bank will continue to do. The promo will end in a grand finale draw that will enable winners to get N150,000.”

    Famuyiwa noted that the bank believes in investing in the youth segment of the market, adding that youths are the hope of the country; therefore, the bank has devised a platform where they would interact with them.

    He noted that the focus of the bank in the promo is to have more youths in its database, adding that traditionally, some people see FirstBank as the bank for the old people.

    Famuyiwa expressed confidence that the bank is committed to having youths opening accounts with them and fill the bank “because FirstBank is a youth-friendly bank, and we have so many products focused on the youth”.

    He noted that the promo had been ongoing for years, and that this was the first of the sessions, noting that it would run for six months. “This is the first month, out of the six months. In December, we followed at the qualifying candidates.”

    According to Famuyiwa, “As a bank, they believe in investing in the youth segment of the market because we believe that they are the hope of the nation.’’

    He noted that the bank has devised a platform for organising the programme to have more youths.

    “Traditionally, people see First Bank as an old bank for the old people. When we looked at our database, we realised that have more many youths than the other banks. We are not there yet; we still want to have more of them. We want to have many of these youths opening accounts with us, and be able to fill the bank because first bank is a youth-friendly bank, because we have so many products on youths. We have a drive towards digitalisa-tion in the bank,” the bank said.

     

  • SEC, Pencom collaborate on financial literacy

    The Securities and Exchange Commission (SEC) and the National Pensions Commission (Pencom) have agreed to work together to ensure more Nigerians are brought into the financial literacy net.

    The resolution was reached  at a meeting between the Technical Committee on Financial Literacy and Pencom, held in Abuja.

    Head Market Development Department of the SEC, Edward Okolo, said the aim of the visit was to strengthen collaboration between the committee and Pencom so as to improve financial literacy among Nigerians.

    He disclosed that the committee is currently in partnership with FMDQ on the training of students on their platform so as to increase their interest in Capital Market Issues.

    “We would like to have an open window to collaborate with you, where we could get ideas from you. We should try to collaborate more with the investors and give them avenues for value optimization,” Okolo added.

    Also commenting, member of the Committee, Omagbitse Barrow expressed the need for the committee to collaborate with relevant agencies and foster a multi directional approach to what the Financial Literacy Committee does.

    According to Barrow, “We believe that when more members of the public are financially literate, they will make better financial decisions and deepen their participation in the market.

    “We have to work at financial literacy from the foundation, how to get people to manage their resources better before we can move on to investing in the capital market. The more people who are selling their products are interested in financial literacy the more products they will sell. Let’s broaden financial literacy approach so that the public will get value from the financial system. Financial literacy is about the people, the investors and ordinary Nigerians.”

     

  • Bank promotes financial literacy

    Heritage Bank Plc has joined the world to mark the Global Money Week (GMW) with educational programmes targeted at exposing children to financial literacy and promoting savings and investment.

    The programme was in commemoration of the Central Bank of Nigeria’s (CBN’s) Financial Literacy Day, which is part of activities to mark the GMW.

    The Central Bank directed Heritage Bank to adopt schools in seven states: Osun, Bauchi, Kebbi, Niger, Enugu, Delta and Ekiti for Financial Literacy workshops.

    To this end, Heritage Bank visited the schools last Thursday to discuss the theme of this year’s GMW, “Learn. Save. Earn.”

    This is the sixth year that Heritage Bank has commemorated the programme.

    The pupils and teachers were taught several concepts, including: the role and management of money, needs and wants, benefit of budgeting, spending and savings among others.

    Addressing some of the participants, Heritage Bank Managing Director/Chief Executive Officer, Ifie Sekibo underscored the importance of youths being financially equipped for the country’s development.

    He said through financial literacy, Nigerian youths could learn to save and earn money wisely.

    Sekibo said Heritage Bank had developed some products, including the HB Bud Savings Account to help parents create wealth for their wards.

    His words: “As a bank committed to creating, preserving and transferring wealth from one generation to the next, we have consistently maintained our position as the leading brand in financial inclusion initiatives by leveraging on CBN’s mandate to impact schools across the geopolitical zones and improve financial inclusion.”

    Other senior employees of the bank visited other schools in some of the CBN-assigned states.

  • Financial literacy and national development

    SIR: Entrepreneurial development is critical to the large-scale innovation and industrialization that countries like Nigeria need. We are lacking in this area because our formal education systems have not incorporated financial literacy into the schools’ curriculum. In Europe and the Americas, young children as far back as 40 years ago were already setting up entrepreneurship and investment clubs where they were simulating a variety of entrepreneurial ventures. These subjects were taught firstly as after school programmes, but in many countries have now been mainstreamed at all levels. It is no surprise the progress they continue to make while our schools and children are at best being prepped to gather as many degrees and pass as many professional exams as possible to compete for the increasingly fewer jobs available.

    We cannot see that jobs are driven by entrepreneurship, and entrepreneurship by financial literacy.

    Think about all the capital destruction that takes place on account of poorly conceived and executed businesses in Nigeria. With higher levels of financial literacy, the rate of failure of small businesses will reduce significantly. Financial literacy will equip business owners especially start-ups with all the skills they need to make better and more prudent decisions regarding their personal and business finances that would increase the chances of survival as a business. But it seems everyone is so busy chasing and trying to make money that very few of us are actually sitting back to manage and plan our finances.

    Then, the issues around corruption and greed and the near-worship of money in our society. The crass materialism, conspicuous consumption in the midst of debilitating poverty and the gross ethical violations and financial impropriety that takes place in this country. If people got an education in financial literacy that included the ethics of money – the fact that money is not an end itself, but only a means to a temporal end, then perhaps all of this nonsense that is going on in our society on account of money would have been averted. Think about the Ponzi schemes, prosperity-preaching, exam malpractice, vote-buying, voter-inducement, and all the shenanigans that we have seen in our financial markets in the past – all signs of a grossly financially illiterate society.

    Consider the number of employees who are struggling from one pay day to another and the succor they could get if they were more financially astute. Imagine the man-hours we lose to under-productivity brought about by financial challenges – the endless borrowing, loan sharks and “gbese” that families have to endure and the impact on people’s health, well-being and productivity, all because they are not financially savvy.

    What do we need? Firstly, we need to work harder on getting the financial literacy curriculum in schools from our basic to tertiary institutions. It has been in the pipeline for some time and we need to move really faster. Then we need parents to start paying attention to this even at home regardless of where the schools are. Financial literacy is a broad subject and is not just about making money. It includes a variety of areas including the ethics of money which makes it more wholesome. Parents should find books, games and resources and start exposing their children.

    Finally, organizations need to realize that beyond just paying salaries each month, they need to invest in training and educating their employees on how to manage their finances better – to bolster productivity and ethical behaviour in their organizations.

     

    • Omagbitse Barrow, FCA, Abuja.

     

  • Deepening savings through financial literacy

    The week-long yearly global focus on financial literacy, earnings and savings emphasises the importance and linkages between income growth and savings and national development. In this report, Capital Market Editor, Taofik Salako, examines the relevance of this year’s global theme and Nigeria’s efforts at achieving broader and higher savings.

    Last week’s Global Money Week and Financial Literacy Day refocused the global financial industry and economies to the linkages and missing links in national financial and economic development.

    With the theme: Learn, Earn, Save, the Global Money Week redirected nations to the importance of the three critical elements of financial literacy, income and savings in building a virile investment base necessary for sustainable economic growth.

    Nigeria yearly combines the annual global events marking the Global Money Week with its national initiative of Financial Literacy Day to underscore the national urgency and imperative of financial literacy to addressing many pressing national challenges. The relationship between financial literacy, income growth, savings, investments and national development is a global aphorism, all reputable studies and scholars have found positive relationship between these elements.

     

    Revolving cycle

    It is a well-established fact that the extent of poverty, financial exclusion and economic underdevelopment relate to the level of financial literacy and inclusion. It has also been established that financial literacy-the culture and awareness about income opportunities, growth and management, like every culture, develops from early learning through adolescence to adulthood. Globally, less than five per cent of all children in the world have access to financial education and financial inclusion. There are about one billion children living in poverty while many young people are struggling with large amounts of debts due to financial illiteracy. These lead to several negative socio-economic consequences, including drug abuse, civil disorder, financial crimes, and the entrapping cycle of poverty and underdevelopment. The Week aims at inspiring children and youths to learn about money, saving, income sources, employments, entrepreneurs and most importantly, self confidence and esteem that come with knowledge and control. The 2019’s theme underscored the importance of children and youth to be economically equipped and empowered to close inequality gaps and build a brighter future.

    Such campaign is more important to Nigeria, which occupies the lower rung of the ladder in global financial literacy, savings and investments. A report by the United States Central Intelligence Agency (US CIA) showed Nigeria within the lower third of a global sample. Nigeria was rated lowest within the emerging countries bloc of Brazil, Russia, India, China, South Africa and Nigeria (BRICSN). Less than five per cent of Nigerian population invest in the country’s stock market and only a fraction of this national investing public, some six to seven per cent, invest in mutual funds. These compare with average of some 20 per cent among many emerging countries. Subscriptions to several offers aimed at national participation have remained narrow and in many instances, state governments had to acquire pre-allotted shares under government’s privatisation programme. For instance, with its minimum subscription of N5,000 and double-digit, quarterly payable coupon or interest rate, subscription to the Federal Government of Nigeria Savings Bond (FGNSB) has remained narrow, since inception in 2017. The maiden FGNSB had received a nationwide total subscription of 2,577 bids with a total size of N2.067 billion.

    In 2012, the Federal Government launched the National Financial Inclusion Strategy (NFIS) as a medium-term plan to champion financial literacy and inclusion. The NFIS aims at reducing the number of eligible adult Nigerians that are excluded from the formal financial system from 46.3 per cent to 20 per cent by 2020.

    In 2014, the Central Bank of Nigeria (CBN) launched the Financial Literacy Day as a focal point of the activities to mark the Week to highlight the national importance and urgency of financial literacy. Besides, the Nigeria’s Economic Recovery and Growth Plan (ERGP), launched by President Muhammadu Buhari, plans to improve Gross National Savings (GNS) steadily to 15.53 per cent, 18.19 per cent and 21.31 per cent in 2018, 2019 and 2020. Yet, more than one-thirds of Nigerian population do not have access to formal financial services. With the 2020’s targets around the corner, the apex bank and other stakeholders recently revised and revved up strategies to deepen financial literacy. Last week’s activities showed renewed commitments of stakeholders to achieving the targets.

     

    Early savers and investors

    Across the financial services industry, from Polaris Bank Limited to Union Bank to Nigerian Stock Exchange (NSE) and several others, financial institutions devoted the week to promoting the ideals of financial literacy, earnings and savings. Polaris Bank’s Managing Director, Mr Tokunbo Abiru, led other staff of the bank in catch-them-young nationwide campaign across secondary schools. From the bank’s Lagos head office to Mado Government Secondary School, Tudun Wada, Jos, Plateau State, Polaris Bank stressed the need for students to imbibe the culture of savings to enable them secure their future.

    Abiru assured that Polaris Bank would continue to sustain efforts aimed at promoting financial literacy among secondary school students in particular and Nigerians in general. He noted that there are many negative consequences of low saving culture.

    “We have issues relating to finance which people do not know anything about. An attitude of not saving money is not good for the future. We need to learn, earn and save money. You do not save after spending but rather, you save first before spending. The idea is to catch them young in terms of educating them on finance and financial investment so that in future, their personal and financial lives can be guaranteed. To achieve this, we need to imbibe the culture of saving, no matter how small,” Abiru said.

    According to him, the annual campaign is one of the bank’s tactical approaches to entrenching savings culture at an early age and ensuring an empowered life and a sustainable economy in line with CBN’s financial inclusion mandate.

    “As a responsible corporate citizen, it behoves on us to do what is appropriate for the betterment of individuals and the society at large,” Abiru said.

    Abiru, who taught students ways to be thrifty and conscious of savings, urging the students not to spend all monetary gifts they get on buying things, but rather to learn to keep and grow part of monetary gifts.

    “You are not too young to start saving. The time to start is now so that it can become a habit that will stand you in good stead in the future. You also need to be financially literate to avoid making poor financial decisions and to curtail the development of poor financial habits that can adversely affect you. When visitors come to your house and give you money, don’t spend it on snacks. You should learn to save such monies,” Abiru advised.

    He said the bank has developed several products and services for children and teenage savers with a lot of exciting incentives, gifts and opportunities.

    Group Head, Northeast Zone, Polaris Bank Limited, Mr. Olayinka Obikanye, who represented the bank’s management at Government Secondary School, Tudun Wada, Jos, Plateau State, urged the students to be champions for financial literacy by passing the message to their friends and other family members.

    He noted that the annual campaign is a further testimony to the commitment of the bank’s to the wellbeing of Nigerians and the national economy.

    “For us in Polaris Bank, we will continue to engage schools, parents and teachers, because we believe that by being financially literate, students and indeed the young ones, will be able to build their capacity for future business endeavours, thereby securing their future from poverty and other financial challenges,” Obikanye said. Highlights of the programme at Mado Government Secondary School, Tudun Wada included topical lecture on financial literacy and management, questions and answers session and presentation of gifts by the bank.

    Principal of Mado Government Secondary School, Tudun Wada, Mrs. Zumunta Dancheng praised Polaris Bank and the CBN for bringing the campaign on financial independence and literacy to the doorsteps of the young generation in their school. She urged the students to ensure that the knowledge they acquired during the sensitisation exercise were put into good use.

    In Cross River, Akwa Ibom, Ebonyi, Zamfara, Oyo, Bauchi and Benue States, Polaris Bank reemphasised the ideals of financial literacy and management to students. More than 155 employees of the bank participated in educating school students across the federation.

    At Offot Ukwa Secondary School, Calabar, Cross River State and four other schools in Akwa Ibom State – Uyo High School, Bright Future International School, Nigerian Christian Institute and Redemption Academy, students were taught useful lessons on managing and saving money.

    In Ebonyi, participating schools included Fountain of Knowledge International Schools, Jesus is Lord International School, Great Minds Academy International School, Success Impact Academy and Our Lady Schools.

    In Zamfara State, students from Alhaq Academy, Gusau; SBMC Model School, Iman Global International Nursery and Primary School, Caliphate School and College of Education Staff School benefitted from Polaris Bank’s campaign. Students in Oyo State were not left out as sessions held at Rosebud College, Valencia College, Seed of Life College, Ogunsanya Girls Science Academy and Frontliners Primary and Secondary Schools. Overall, about 6,000 students benefited from the training.

    In Uyo, Head, Sustainability and Consumer Protection, Polaris Bank Limited, Bola Adesanoye, urged the students to be frugal and show more inclination to savings than spending.

    According to her, the activities marking the  Week and Financial Literacy Day were part of efforts by the bank to deepen financial literacy and inclusion, especially, among students.

  • PAL Pensions takes financial literacy to schools

    PAL Pension has launched a youth-focused campaign tagged ‘NextU’ across five universities.

    ‘NextU’ is the Corporate Social Responsibility (CSR) initiative of PAL Pensions focused on providing knowledge and guidance for ‘Creating The Future’ to young people on career, investment and life choices. Olusola Amusan, Tomi Balogun, Seyi Law, Shola Akinlade, Otto Orondaam, and Kunle Idowu (Frank Donga) were among the more than ten (10) speakers who spoke to well over eleven thousand students (11,000) of the University of Lagos, University of Benin, University of Port Harcourt, Obafemi Awolowo University and Ahmadu Bello University.

    The speakers and panelists who came from various backgrounds representing; financial literacy, investment, employability, career growth, entrepreneurship and art/creativity gave the students’ tips on how to be successful in their career and business, manage funds and invest wisely with small funds.

    The students were also thrilled by award winning musician Orezi, who has consistently proven himself through sheer determination and handwork, a quality that brings the ‘NextU’ idea to life.

    Speaking to the students of the University of Lagos, the Managing Director, PAL Pensions, Morohunke Bammeke, said ‘the vision of PAL Pensions is to be the best Pension Fund Administrator by creating value’.  PAL Pensions is that company that will always add value to you. She further averred that making money is not enough, preserving and investing wisely is what makes one wealthy. She encouraged the students to commit to lifelong learning to create sustainable success and charged them to go out and create the future.

    The event, targeted at young, social media savvy, forward-thinking students interested in not just career after graduation but also entrepreneurship was well attended by students in the participating institutions.

    Participants not only got the chance to learn from the experiences of the panelists, but they also got an opportunity to win fantastic prizes by taking part in the #SellYourself competition.

    “PAL Pensions is always interested in ways to impact the society positively.” said Sunmisola Mark-Okoma, Head, Brand Management and Corporate Communications. “this is why we started the NextU project. A project that aims at guiding young people through career choices and financial literacy. Basically, we are telling them that PAL Pensions would provide them with the support they need to become whom they want to become.

     

     

    “This maiden edition was a great success and the students were excited to receive us. We decided to begin with five (5) schools across Nigeria but looking at the impact of the project and reactions from the students, we will definitely be visiting more schools next year.”

     

     

  • SEC takes financial literacy to grassroots

    Securities and Exchange Commission (SEC) has expressed its readiness to collaborate with various grassroots groups in its financial literacy campaign in a bid to ensure that Nigerians in the rural areas are effectively sensitised on the benefits of investing in the capital market.

    Acting Director General, Securities and Exchange Commission (SEC), Ms Mary Uduk, stated this during a meeting with executive members of National Youths Initiative for Peace and Governance (NYIPG) at the Commission’s head office in Abuja.

    Uduk who was represented by Acting Executive Commissioner, Corporate Services of SEC, Mr. Henry Rowlands, commended the organisation on the various good governance and entrepreneurship sensitisation campaigns they have carried out.

    She expressed the desire of the commission to tap into NYIPG’s existing structures to also sensitise the grassroots on financial literacy.

    “We are delighted at the various sensitisations you have carried out to enlighten the people in your region on the need to engage in meaningful vocations. When someone is fully engaged, he will work for the peace of the country as he would not want any activity that would destroy his business. The SEC as part of its market development mandate would like to partner with you to educate the people on the best ways to invest the money they are making from their businesses,” Uduk said.

    Vice President, National Youths Initiative for Peace and Governance (NYIPG), Abdulmalik Alfo, commended the SEC on its various initiatives as contained in the 10 year capital market master plan and pledged the readiness of his association to collaborate with the Commission in any area necessary.