How Central Bank of Nigeria (CBN), bank executives key into global money week
The Central Bank of Nigeria (CBN), chief executives and directors of deposit money banks and other financial institutions across the nation took turn to engage students on financial literacy last week.
This they did in commemoration of the 2017 Global Money Week with the theme: “Learn, Save, Earn”. The Global Money Week is an annual global celebration, initiated by Child and Youth Finance International (CYFI), with local and regional events and activities aimed at raising awareness of the importance of financial education and financial inclusion for children and youths.
Organisations and financial institutions in Nigeria celebrated the Financial Literacy Day 2017. Financial Literacy Day is celebrated in the country every year as part of the worldwide celebration of the Global Money Week, observed in more than 135 countries across the globe.
The CBN on Thursday engaged students of Methodist High School Yaba in rudiments of financial literacy. Joseph Nnanna Deputy Governor, Financial System Stability who was represented by Khadijah Kasim, head, Consumer Education Division disclosed at the school that the CBN will by September launch the financial education curriculum for schools across the country.
“We are very happy to inform Nigerians that we have developed a financial education curriculum which we are hopeful will be launched in September 2017 and schools across the country are going to start teaching financial education”, he said.
The programme was part of activities marking the Global Money week. The CBN declared March 30, 2017 Financial Literacy Day, on which managing directors/CEOs and top executives of 29 banks and financial institutions across the nation will visit over 800 schools in 36 states to teach financial literacy curriculum provided by Junior Achievement Nigeria.
Nnanna said financial education would be made compulsory for students in Nigerian schools. According to him, the financial education objective of the apex bank was borne out of the conviction that it was better to impart the younger population by teaching them about savings, investments and financial concepts from their early years rather than wait until they grow older.
“The beauty of it is that it is infused into career subjects that are compulsory in the basic and secondary schools system. After the second phase which is developing the teachers’ guide, by September, we will launch this curriculum and start the pilot scheme in the six geo-political zones of the country.”
The CBN director said the financial literacy programme offer the students the opportunity to identify their role models. For instance, “if a CBN Governor or bank CEO comes to teach the students, it is possible for the girls to aspire to become the first female CBN Governor.
Ademola Adebise, deputy managing director, Wema Bank plc, taught young people about savings. He advised young people to imbibe a savings culture, which he said makes it easier to achieve set life goals and puts people on the path to attaining financial freedom.
Wema Bank executives were at more than 25 schools across the country to hold financial literacy sessions. They educated the children and youth about the benefits of the age-long idea of saving money in a bank rather than keeping it at home.
Adebise also advised young people to learn the art of budgeting. “Budgeting helps you to distinguish between wants and needs. This way you can set your priorities right,” he said.