The Nation Newspaper

Tag: World Savings Day

  • FirstBank, FBNQuest mark World Savings Day

    First Bank of Nigeria Limited and FBNQuest Merchant Bank, both subsidiaries of FBNHoldings, have joined the rest of the world to mark this year’s World Savings Day.

    With: “What do you wish for?”as its theme, the six geo-political zones of the country were covered with visits to 30 secondary schools and more than 1000 students imparted with knowledge of financial literacy nuggets.

    The World Savings Day is in line with FirstBank’s FutureFirst programme, specially designed to equip students with the knowledge of money management, early entrepreneurship skills, and financial independence whilst stimulating in them savings culture at an early age. Commemorating the World Savings Day is consistent with the Bank’s financial literacy initiatives.

    Also, volunteers from FBNQuest Merchant Bank went further to cover and highlight how students can take advantage of investment opportunities in fixed deposits and Mutual Funds from a young age, cultivating the habit of putting money away to meet medium to long term financial goals.

    According to the official website of World Savings Day, “World Savings Day or World Thrift Day was established to inform people all around the world about the idea of saving their money in a bank rather than keeping it under their mattress” which is akin to FirstBank’s commitment to encouraging its key stakeholders, customers, to imbibe savings culture whilst having their children also carried along on the essence of savings through its youth focused products, KidsFirsts (0 – 12 years) and MeFirst (13 – 17 years) carefully designed to meet the financial targets of the given demographics.

    These accounts ensure the accounts holders acquire the rudiments of banking and financial literacy as they grow into adulthood and they both come with exciting packages to support the financial journey of the children, enabling them learn money management from an early age.

    Speaking on the World Savings Day, Folake Ani-Mumuney, Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said ‘’FirstBank’s participation in the 2018 World Savings Day is one of our many interventions in Financial Literacy. As the Bank continues to entrench the savings culture across all its markets, it has over several years engaged in Savings Promo to encourage and reward savings whilst committing human and financial resources to the development of financial literacy among secondary school students under the auspices of the FirstBank Futurefirst programme.

    Sharing similar views, Kayode Akinkugbe, Managing Director/CEO FBNQuest Merchant Bank said “The CBN has created an essential platform which affords us the opportunity to enlighten the younger generation on finance-related matters, and contribute to financial literacy across the nation. It’s an initiative we are very proud to be a part of, as we believe such is crucial for the sustainable development of our nation.” “We believe that opportunities to transfer a wealth of knowledge, are crucial to the development of our economy and the sustainability of society. We therefore, take very seriously, the responsibility of equipping the next generation so they can take our nation to its next level of success,” he added.

  • World Savings Day: Obaseki tasks financial institutions on unbanked population

    World Savings Day: Obaseki tasks financial institutions on unbanked population

    The Governor of Edo State, Mr. Godwin Obaseki, has challenged financial institutions across the world to design products that will appeal to the millions of the world’s unbanked population to boost liquidity in the banks and safeguard the future of savings account holders.

    Obaseki made the call on Monday, in commemoration of the World Savings Day, marked on October 31, every year.

    He also assured that the long-term goal of Alaghodaro as envisioned by his administration will address the several challenges of urbanisation in the state’s urban centers.

    The governor’s assurance is on the commemoration of the World Cities Day, which is also marked on October 31, each year.

    According to the governor, “the complex processes involved in opening savings account, the cold reception given to the fairly literate and non-literate customers, and the lack of adequate incentives for savings culture among other factors discourage many people from taking their money to the bank.”

    He stressed that “banking need not be elitist or flamboyant, especially in developing economies and advised bankers to be more creative in reaching out to the unbanked population, most of them in rural and peri-urban areas, and speak to them in languages they understand to win their confidence to save their earnings.”

    Obaseki further said that this year’s theme: “Our Future Starts with Savings” is apt and added that “A good saving culture is healthy for financial institutions, the economy as well as the account holders. He explained that people who save money in banks support the growth of the economy and secure their hard earned money from being lost to fire or theft.

    “Stories abound of people who have lost their money to thieves, fire incident or flooding because they kept their money under their pillows at home. Money kept at home cannot yield interests and the culture of keeping money at home exposes people to all forms of risk.”

    On the World Cities Day, the governor said several programmes had been lined up to transform Benin City and other urban centers in the state to world-class cities.

    “The revamped Edo State Traffic Management Agency, Edo City Transport Service, the sanitisation of major bus stops and the city center/ Ring Road, the Clean And Green project, the repositioning of the state Ministry of Physical Planning Urban Development as well as the Edo Development Property Authority (EDPA),  are some steps we have taken to address some of the urbanisation challenges we have in the state.”

    He maintained that the theme for this year’s World Cities Day celebration, “Innovative Governance, Open Cities” is a call to governments to strengthen institutions that support the growth of cities, namely; world-class superstructure that guarantee the security of life and property, ease of conducting social and commercial activities and happiness amongst others.

    The World Savings Day was established on October 31, 1924, during the 1st International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. The Italian Professor Filippo Ravizza declared this day the “International Saving Day” on the last day of the congress. In the resolutions of the Thrift Congress it was decided that ‘World Thrift Day’ should be a day devoted to the promotion of savings all over the World. In their efforts to promote thrift the savings banks also worked with the support of the schools, the clergy, as well as cultural, sports, professional, and women’s associations.

    The United Nations General Assembly designated the 31st of October as World Cities Day, by its resolution 68/239. The Day is expected to greatly promote the international community’s interest in global urbanisation, push forward cooperation among countries in meeting opportunities and addressing challenges of urbanisation, and contributing to sustainable urban development around the world.

  • FCMB marks World Savings Day

    First City Monument Bank (FCMB) Limited has intensified its financial literacy campaign among youths by organising an outreach programme for students in 12 secondary schools across the country.

    The exercise was in commemoration of this year’s World Savings Day. The beneficiary schools are in Anambra, Zamfara, Oyo, Jigawa, Osun, Adamawa, Bayelsa, Niger, Gombe, Imo, Benue and Delta states. The bank organised the programme in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN).

    The World Savings Day, which is celebrated every October 31, is aimed at enhancing the knowledge and understanding of students as well as the general public on the importance of savings, financial control, planning and other financial transactions to the development of individuals and society.

    Speaking during the mentoring session for students of Government Day Secondary School, Samara in Gusau, Zamfara state, FCMB’s Zonal Head, Kano West, Abdullahi Mainasara, said that embracing financial principles at an early age will go a long way to help students and the youths to manage their resources effectively, appreciate how money works and how it can be channelled to productive ventures. Among other things, he urged the students, ‘’put aside a portion of what you earn regularly in a safe place that pays interest. This is known as savings’’.

    He urged them to save their money in banks to enable them secure and earn interest on such cash and reduce the risk of spending, theft.

    Also mentoring the students of Mater Amabilis Secondary School, Umuoji in Anambra State, the Manager Nnewi Old Onitsha Branch of FCMB, Vincent Agbasi, pointed out that, ‘’by being financially literate, students and indeed youths will be able to build their capacity for future business endeavours.

    Commenting on the significance of the bank’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of FCMB, Diran Olojo, said that it is an extension of the lender’s commitment to drive and deepen prudent and effective management of resources among the populace.

  • FCMB marks World Savings Day

    FCMB marks World Savings Day

    First City Monument Bank (FCMB) Limited has intensified its financial literacy campaign among youths by organising an outreach programme for students in 12 secondary schools across the country.

    The exercise was in commemoration of this year’s World Savings Day. The beneficiary schools are in Anambra, Zamfara, Oyo, Jigawa, Osun, Adamawa, Bayelsa, Niger, Gombe, Imo, Benue and Delta states. The bank organised the programme in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN).

    The World Savings Day, which is celebrated every October 31, is aimed at enhancing the knowledge and understanding of students as well as the general public on the importance of savings, financial control, planning and other financial transactions to the development of individuals and society.

    Speaking during the mentoring session for students of Government Day Secondary School, Samara in Gusau, Zamfara state, FCMB’s Zonal Head, Kano West, Abdullahi Mainasara, said that embracing financial principles at an early age will go a long way to help students and the youths to manage their resources effectively, appreciate how money works and how it can be channelled to productive ventures. Among other things, he urged the students, ‘’put aside a portion of what you earn regularly in a safe place that pays interest. This is known as savings’’.

    He urged them to save their money in banks to enable them secure and earn interest on such cash and reduce the risk of spending, theft.

    Also mentoring the students of Mater Amabilis Secondary School, Umuoji in Anambra State, the Manager Nnewi Old Onitsha Branch of FCMB, Vincent Agbasi, pointed out that, ‘’by being financially literate, students and indeed youths will be able to build their capacity for future business endeavours.

    Commenting on the significance of the bank’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of FCMB, Diran Olojo, said that it is an extension of the lender’s commitment to drive and deepen prudent and effective management of resources among the populace.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • Wema Bank marks World Savings Day, adopts schools

    Wema Bank PLC marked this year’s World Savings Day with the adoption of five secondary schools in different states in the country.

    The lender also held financial education sessions with students of the adopted schools, with more than 500 students participating in different schools.

    The bank said the low level of financial inclusion in the country has led to only 35 per cent of the adult population owing savings accounts.

    The lender said savings is more of a habit formed over time than availability of structures encouraging it.

    Its Head, Brand & Marketing Communications, Charles Udoh, said: “This year’s World Savings Day celebration presented another opportunity to educate Nigerians about the importance of saving.

    “We have taken advantage of this opportunity to teach young people about the importance of having a savings culture. We hope we have been able to impart knowledge to these students through the financial literacy sessions we organised in schools across Nigeria. Hopefully, they will grow up with a savings habit which will help them navigate life and economic challenges.”

    Some of the students in the beneficiary schools gave their thoughts on savings. Asked why kids should save, Ugwuogbe Chidahe, a Junior Secondary School student at Olomu Community Junior Secondary School, Ajah said: “Savings among kids is an essential part of learning and growing up which should be encouraged very early in life. Savings can help kids to keep their parents out of financial trouble in emergency. Even though they are kids, it is important to have an emergency fund set aside to cover unexpected expenses.

    “Their little savings can go a long way to assist their parents, especially during a recession. For instance, such savings can be used to help their parents pay part of their school fees or assist in buying some essential things they need that their parents are unable to buy for them.”