‘Commercial banks Pushing Financial Literacy Among Youths’ | Independent Newspapers Limited
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Business, Money Market

‘Commercial banks Pushing Financial Literacy Among Youths’

Posted: Mar 31, 2016 at 3:00 am   /   by   /   comments (0)


The quest by commercial banks in the country to bring million of unbanked Nigerians under the banking system has necessitated the push for financial literacy among secondary and primary schools across the country. Bamidele Ogunwusi, writes on efforts to spread the financial literacy to young Nigerians.

Before the former Governor of the Central Bank (CBN), Sanusi Lamido Sanusi, launched the financial inclusion project backed by the Bankers’ Committee not many are aware of how deep Nigerians are financial excluded.

The former apex bank governor officially kicked the ball rolling in Lagos at the Fish Market in Makoko and the experience since then has shown that commercial banks in the country have a big task on their hands in if they are to make headway in reducing the gap between the banked and the unbanked.

The Bankers’ Committee is taking financial literacy for the youth very seriously and so are many commercial banks.

This is, however, getting the support of many commercial banks. Skye Bank Plc has taken its financial literacy campaign for youths to Bayelsa and Ogun states to boost their knowledge of savings and investment.

For Skye Bank Plc, now is the time to promote financial inclusion, especially among the youth and grassroots. The commercial bank last week took its mentoring programme for students in financial literacy to Bayelsa and Ogun states to underscore the imperatives of the savings culture among the beneficiaries.

The bank’s officials were at Biedomo Premier School, Yenagoa, Bayelsa State where they taught the students the fundamentals of financial planning, investment instruments and the need for imbibing the savings culture at an early stage.

The bank’s Head of Sustainability and Consumer Protection Department, Mrs. Bola Adesanoye, who took the students through the various teaching sessions, explained the various bank account types.

She, however, focused on the savings account, being the one suitable for students, in addition to other financial investments such as bonds, insurance, treasury bills, mutual funds, among others and the benefit of each of them.

The participants had the opportunity to ask questions after the lecture sessions, with the successful getting various gift items which included children’s books.

Explaining the rationale for the programme, Adesanoye said the programme was an initiative of the Central Bank of Nigeria (CBN) designed to expose the students to saving money in banks.

“The purpose is to catch them young and expose them to modern art of banking. The programme is an initiative of the CBN and we are to cover the 36 states. And from the responses of the kids, you would discover that the programme has achieved one of its aims. At least, the kids are now familiar with what we do in the  banking sector,” she said.

“My appeal goes to the parents. As they are operating different bank accounts, they should impress the habit of savings on their children by opening an account for them. At Skye, we have Rainbow Savings Account which is specifically designed for children’’, she added

Speaking further, she said the programme would make the kids money intelligent, disciplined and wise spending.

“And in order to put the programme into practical purpose, Skye bank has come up with a special account known as Rainbow Account”, she added.

While at Biedomo Premier School, Yenagoa, Skye Bank officials took the pupils through the basic principles of savings and the need for the them to start saving at a very early stage.

Similarly, students of Leadway School, Divine International Primary School and Amass Primary School, all based in Abeokuta, also benefitted from the bank’s financial training and mentoring programme. The enthusiastic pupils were told to save money given to them so as to build a large pool of funds by the time they become adults.

The lender, last year took the training programme to Osogbo. Phobestar Royalty School benefited from the programme, with the pupils all exposed to the essence of savings.

The Proprietress of the school, Mrs. Oluwatoyin Segun, disclosed that her joy knew no bound with the decision of CBN to choose her school for the lecture.

She said the lecture would not only help the students to be money wise but would also prepare them to be financially independent when they graduate from the school.

The bank had also renovated three blocks of 12 classrooms at Government Day Secondary School, Wuse 11, Abuja, under its ‘School adoption’ and financial literacy mentorship series in line with the CBN ‘Adopt a school project’. The renovated classrooms were handed over to the authorities of the Federal Capital Territory Department of Education and the Principal of the school, Joseph Akor, in Abuja last week.

The bank’s Executive Director, Abuja/Northern Directorate Idris Yakubu, said the lender was committed to creating conducive atmosphere for students and teachers to learn and teach respectively.

For him, the bank has made investment in corporate social responsibility in the education sector, adding that it would continue to support the school and help it achieve its objective of producing high quality students.

He appealed to parents to save for the education of their children as a way of overcoming the challenges of funding their wards’ education, noting that savings ensured that parents were not put under pressure over payment of school fees.

The Principal of the school, Joseph Akor, praised the lender for its support for the school in the last three years, which has led to a positive transformation of the school.

He said the financial literacy mentorship series of the bank and the provision of infrastructure at the school have significantly enhanced the school’s ability to live up to the expectations of both parents and the students in terms of adequate and conducive classrooms.

Akor appealed to the bank to assist the school to provide sporting infrastructure that will enable the students become good sportsmen and women in the future.

The Deputy Director, Education, FCT Department of Education, Gama Yakubu, praised Skye Bank for its outstanding contributions to education in the FCT.

He urged other corporate bodies to emulate the bank by coming to the aid of public schools.