The Nation Newspaper

Tag: financial literacy

  • Ecobank CEO highlights gains of financial literacy

    Ecobank Nigeria Managing Director, Charles Kie has said early adoption of financial principles is the panacea to success.

    He has, therefore, advised students and youths to imbibe financial principles at an early stage of their lives as this will help them manage their resources effectively in the future. The MD spoke at a lecture with pupils at Edgerley Memorial Secondary School, Calabar, Cross River State capital.

    Kie, who spoke on the theme: Money matters as part of activities of the bank to mark the financial literacy week, reiterated that Ecobank’s financial inclusion strategy focuses on young people, who are the future of our society.

    He said: “To become successful in future, you need to be financially literate by developing skills of budgeting and saving, make good financial decisions and use financial institutions to manage your finances. You have to open a bank account for your expenses and savings and it is also important you find and learn from financial mentors.”

    He reiterated that “For us at Ecobank, the ability to reach out to the young ones by encouraging them to adopt banking services, while also tutoring them on the various advantages of banking is at the centre of our financial inclusion strategy”.

     

     

  • Skye Bank promotes financial literacy

    The Group Managing Director and Chief Executive Officer, Skye Bank Nigeria Plc, Tokunbo Abiru, yesterday advised students in secondary schools across the country to take money matters seriously if they wish to be in control of their financial future.

    He gave the advice while delivering a lecture during a one-day seminar at Rayfield International Secondary school, Nsukara Offot, Uyo, Akwa Ibom State.

    The seminar, facilitated by Skye Bank Nigeria Plc, was to mark the 2018 Global Financial Week organised by the Central Bank of Nigeria in collaboration with Junior Achievement Nigeria. The theme for this year’s edition is “Money Matters Matter”.

    The Global Money Week is celebrated worldwide. March 15, 2018 is however chosen by the CBN and Junior Achievement Nigeria to teach the younger generation the virtues of financial planning and management aimed at increasing the level of financial literacy while boosting the financial inclusion drive of the CBN.

    Represented by Raphael Abiaziem, the bank’s Regional Manager, South-South, Abiru said that the financial week celebration is aimed at empowering young people with financial knowledge that will rightly position them for the future.

    He said: “Money Matters matter,” adding that “children and youth need to receive the knowledge and develop skills necessary to make smart financial decisions throughout life.”

    Abiru noted: “Financial Literacy is an essential life skill that is lacking in our educational curriculum which should be part of the education that we give to our children to prepare them for the realities of the world out there.

    “We want young people to learn how to manage their money wisely so they can become financially empowered and form part of a critical mass that will spread financial and entrepreneurial education in the country.”

     

     

  • Sterling Bank takes financial literacy to Imo

    Sterling Bank Plc yesterday took its financial inclusion drive to the next level with training of over 20,000 secondary school students nationwide to mark the 2018 edition of the Financial Literacy Day.

    The lender also staged a quiz competition among students from 42 schools in Lagos with winners going home with attractive prizes.

    Its Managing Director and Chief Executive Designate, Abubakar Suleiman, led other executive and senior management team for the exercise as he taught students of Owerri Girls’ Secondary School, Owerri, to the delight of students and teachers.

    Suleiman taught the students the key fundamentals of financial literacy and re-enforcing the need to encourage savings culture among the youths.

    He noted that the Financial Literacy Day, which is also in line with the lender’s “One Education” initiative, would further consolidate the strategic focus of the Bank on education and commitment to youth empowerment and development.

    In his address of welcome at the quiz competition in Lagos, Executive Director of Sterling Bank in charge of retail and consumer marketing, Grama Narasimhan, encouraged the participating pupils and students to take the competition seriously.

    The bank organised the quiz competition to test the understanding of students who had been exposed to teachings in financial literacy through financial clubs covering more than 80,000 children spread across the country.

    Out of about 42 schools that participated in the competition, Glorious Redeemers School Ijebu-Ode in Ogun State won the star prize of N750, 000 followed by Taqua Private School, first runner up which won N500, 000 and Lekki Muslim School, the second runner up which went home with N250, 000.

     

    The bank also gave N20, 000 each to about 15 students (who answered questions correctly from other schools that served as observers and N20, 000 to two teachers who answered questions correctly.

    It also launched Uzaali, a self-paced learning platform designed to provide children with codes to learn computer programming in a fun and interactive environment.

     

  • Ministry, CBN to develop Financial Literacy curriculum

    THE Central Bank of Nigeria (CBN) is working with the Federal Ministry of Education to develop a new curriculum on Financial Literacy, which will be introduced to public and private schools in the country, its Director, Consumer Protection, Mr. Fada Banon, has said.

    Speaking at a sensitisation fair organised by the bank at the Three Star Hotel in Dutse, the Jigawa State capital, Banon said the curriculum was aimed at exposing Nigerians to financial discipline at a young age and educate them about financial regulations.

    The director said the bank hopes to, through the new subject, reduce fraud, financial abuses and damage to the naira by the public.

    During a question- and-answer session, most of the participants made up of farmers, small scale entrepreneurs and pupils, decried the attitude of the commercial banks in the state for poor service and uninformed charges.

    A member of staff of Jigawa Polytechnic, Musa Shuaibu, complained that the Automatic Transaction Machines (ATM) in the state only paid a maximum of N20,000 at once.

  • Skye Bank CEO urges lenders to deepen financial literacy

    Skye Bank CEO urges lenders to deepen financial literacy

    The Group Managing Director/CEO, Skye Bank Plc, Tokunbo Abiru, yesterday urged banks to deepen their support for financial literacy among youths and and promote the operations of Small and Medium Enterprises (SMEs).

    Speaking at the end of 329th meeting of the Bankers’ Committee in Lagos, Abiru disclosed the Committee’s commitment and plans to continuously improve the level of financial literacy among the youths as well as create more awareness to support the operations of microfinance banks.

    The bank chief said the committee unanimously agreed that the banking industry should unite to ensure that financial education is promoted in schools across the six geo-political zones.

    He said the committee agreed that each of the commercial banks take at least, two schools in each of the six geo-political zones.

    “Part of what we discussed was the need to continuously improve on financial literacy. And one of the resolutions is for the entire industry to act as one to play an active role in the forthcoming World Savings Day Celebration on October 30,” Abiru said.

    He explained that part of the role of the banks was to ensure that each of the banks take on at least, two public schools in each of the six geopolitical zones of the country. “We suggested that at least 12 public schools will be taken up by each bank for this years’ event,” he said.

    Abiru also disclosed the Committee’s commitment and plans to promote Small and Medium Enterprises (SMEs). “We also talked about Small and Medium Enterprises (SMEs), general commerce, general commerce, manufacturing, micro-finance bank and other banking-related products so as to create awareness as our nation gets older and stronger in banking services,” he said.

    Skye Bank Plc has been at the forefront of mentoring of students in financial literacy as endorsed by the Bankers’ Committee. The lender has taken the financial inclusion message to various states within the federation to underscore the imperatives of the savings culture among students.

    The bank’s officials were recently at Biedomo Premier School, Yenagoa, Bayelsa State to teach the students the fundamentals of financial planning, investment instruments and the need to imbibe the saving culture at an early stage.

  • FirstBank, Access Bank back financial literacy

    First Bank of Nigeria Limited (FirstBank) and Access Bank Nigeria Plc have reiterated their commitment to promoting financial literacy in the country.

    Speaking at the Central Bank of Nigeria Financial Literacy Day held in Ado-Ekiti, FirstBank Executive Director, Lagos and West, Gbenga Shobo, said the lender is firmly committed to the achievement of financial inclusion in Nigeria and would continue to work towards this aspiration by extending banking services to under-banked.

    As part of the CBN ‘Adopt A School programme’, Shobo took over 200 students of Tinuola International School, Ado Ekiti through the basic concepts of making money, savings and investments while letting them know that their capacity to make informed decisions will make them better adults in the future.

    Also, Access Bank’s Executive Director, Personal Banking Division, Mr. Victor Etuokwu, said that the lender has pioneered several financial literacy initiatives aimed at promoting awareness for financial Inclusion and literacy amongst women, small and medium scale entrepreneurs (SMEs) and more especially children and schools in Nigeria.

    Etuokwu who spoke on the theme: ‘Save Today, Safe Tomorrow’ at the Greensprings School, Anthony Campus, Lagos, in commemoration of the 2015 Global Money week said: “Several years ago we launched Nigeria’s first fun-filled interactive financial literacy campaign for kids, parents and educators with the Access Early Savers campaign”.

    The Global Money Week is an annual international money awareness celebration which holds on the second week of March every year.  This year, both lenders engaged children in learning how money works, including savings, creating livelihoods, gaining employment, and entrepreneurship.

     

  • NPC underscores financial literacy

    The National Pension Commission (NPC), has stressed the need to educate children on the importance of financial literacy.

    Director-General of NPC, Mrs Chinelo Anohu, said this at a sensitisation programme organised for students of Duke Town Secondary School, Calabar.

    The programme was organised to markthis year’s Global Money Week Celebrations of NPC’.

    Represented by Dr Faruk Aminu, NPC’s Head of Research and Corporate Strategy, Anohu said the programme was organised to create awareness on the various financial services being offered in Nigeria.

    “The goal of this programme is to promote financial literacy among the future generation of our country with the view to increasing uptake in these services for economic development.

    “The idea also is to inspire and educate young people to become conscientious business leaders of tomorrow through the development of right attitudes necessary for success and social responsibilities,” she said.

    According to Anohu, catching the students at a young age is key in building a society that harnesses its full potential in its journey to success.

    She said the current pension scheme has been re-structured in ensuring that everyone who works receives his or her retirement benefits as at when due.

    “The pension reform is a collective national endeavour and therefore every stakeholder, including individuals, youths, corporate organisations and agencies should be part of the vanguard of its implementation,” she said.

    Principal of the school, Mr Ayi Ita, said it was important to sensitise youths on pension matters as it is critical to human existence.

    Ita thanked the management of NPC for choosing his school for the exercise.

     

  • FCMB advocates financial literacy among students

    irst City Monument Bank (FCMB) Limited has held an interactive session on Financial Literacy for pupils of Government Girls College, Dala and the unbanked in Kano Sstate.

    This is part of the bank’s contributions towards securing the future of youths, through the adoption of savings and investment culture, by expanding their knowledge base on financial literacy and its principles.

    The session, which was anchored by the Executive Director, Abuja/North of the Bank, Mr. Adam Nuru, was held  as part of activities commemorating the Global Money Week and Financial Literacy Day celebration.

    An initiative of the Bankers Committee in collaboration with the CBN, the financial literacy programme is focused on educating youths in Nigeria on the economic environment, impressing upon them the importance of saving, entrepreneurship and financial creation to empower the next generation to be self-reliant and money savvy global citizens.

    Nuru, who took the over 200 pupils that attended the session through the topic, ‘’Growing your money’’, advised them to avoid spending money on frivolities.

    He counselled them on the need to open accounts and develop the  habit of saving part of their income, no matter how small. ‘’Saving your money in a box, wallet or home is a good starting point. However, this method of saving does not grow your money. Money saved at home should be transferred to a financial institution or invested after a while. This reduces the risk of spending, theft and gives your money the chance to grow,’’ he said.

    FCMB is determined to ensure that youths understand the importance of prudent management of resources, he said.

    He said ‘’by being financially literate, youths will be able to build their capacity for future business endeavours thereby securing their future and be free from poverty’’, adding that this will also help to fast-track socio-economic growth of the country.

    Mr. Nuru announced that FCMB has adopted the school for a full year financial literacy programme support, part of which will involve the participation of the bank’s staff in providing tutoring to the students and other support activities during the period. In addition, he also announced that the bank will renovate the school hall as part of measures to provide a conducive environment for the students and further enhance the status of the school.

    In her response, the Principal of Government Girls College, Dala, Hajiya Aishatu Ahmed Tukur, commended the CBN and FCMB in particular for committing both human and financial resources to bring the financial literacy initiative to life. She described the project as an important step in nation building, saying if maintained could serve as the much needed solution towards the eradication of poverty in the country. According to her, “the students will really benefit from this programme as it will serve as a kind of career guidance, source of empowerment and skill acquisition in order to make sound financial decisions and right choice of occupation in life. We are very grateful to CBN and FCMB for this intervention”.

    Last year, FCMB carried out a similar project in Akwa Ibom state when it adopted Community Secondary School (CSS), Aka-Offot in Uyo, the state capital. Beyond organising a mentoring session for the students on financial literacy, the bank went further by renovating the school’s computer library and donated 30 new computer systems to the school. The gesture is aimed at building the capacity of the students to facilitate knowledge and skill, particularly on the use of information technology devices.

     

     

  • FirstBank, NAPSS partner on financial literacy

    FirstBank, NAPSS partner on financial literacy

    FirstBank of Nigeria Limited has partnered the National  Association of Proprietors of Private Schools (NAPPS) to provide financial management education for school owners.

    The event tagged: “Effective Empowerment of Schools through Collaborative Building Capacity and Leadership” focused on collaborative building of organisations, a shared responsibility of all schools and how to translate it into building of individual schools for growth and development.

    The bank’s spokesperson, Mrs. Folake Ani-Mumuney, said entrepreneurs are at the heart of national development, contributing greatly to the gross domestic product of the country.

    “We put our customers at the heart of our business as part of our ‘You First’ ideals to drive sustainable finance, empower the citizenry and grow the economy”, she asserted.

    Head of Consumer Banking Products, First Bank, Mrs. Adebimpe Ihekuna said the lender is focused on empowering entrepreneurs towards capacity building and development to contribute to the growth of the economy.

    “This is why we have delivered a presentation on book keeping, accounting and cash flow management at the retreat aimed at up skilling private school proprietors to effectively manage the administrative issues attendant to their businesses,” she added.

    NAPPS President, Chief Yomi Otubela said the association is delighted to have partnered with FirstBank in enabling participants at the retreat develop requisite skills in school business using collaborative building capacity. He further said: “We are optimistic that the training provided will help address the administrative problems as well as corporate governance issues of schools.

     

  • Pension Alliance takes financial literacy to schools

    Pension Alliance takes financial literacy to schools

    Pension Alliance Limited (PAL), a Pension Fund Administrators (PFA), has taken financial literacy awareness campaign to primary and secondary schools across the country.

    The pension manager also intends to consolidate ongoing efforts in the financial services market of creating a wider savings culture through financial inclusion as being promoted by the various financial industry regulators – Central Bank of Nigeria (CBN), the National Pension Commission (PenCom) and the National Insurance Commission (NAICOM), among others.

    Its Managing Director, PAL, Dave Oduanu, who led a team of the company to Home Science Association Primary School, Ikoyi, Lagos, said the firm  believed that inculcating the tenets of good financial management into young generation of Nigerians at an early stage of life will build in them the savings culture.

    He said this had eluded adult Nigerians.

    He said: “On this campaign kick-off tagged “Financial Literacy Initiative in Schools”, which coincided with the Children’s Day, PAL is engaging 25 schools in Nigeria with 20 in Lagos and five in other parts of the country.

    “In the past, we used to have CSR whereby we visit motherless babies’ home and old people’s home to donate things to them. But this year, we thought we should expand it to promote financial literacy in a bid to improve financial inclusion.

    “The idea is to teach them what money is all about, how to save money and what to do with money. By so doing, we begin to inculcate the culture of savings in them right from their young age.”

    Uduanu pointed out that if they cultivate the habit, when they grow up the culture of savings will resonate with them.

    He said they also gave piggy banks to the deserving pupils so that they will begin to save right away.