With deep financial knowledge, particularly in the youth segment, Nigeria’s banking industry will continue to grow in sophistication, innovation and strength, Stanbic IBTC Bank Plc has said.
Besides, such significant development will be hallmarked by a general enlightenment that will see the realisation of the financial inclusion project of the Central Bank of Nigeria (CBN).
The Chief Executive Officer, Stanbic IBTC Bank, Dr. Demola Sogunle, emphasised that having a solid foundation in financial knowledge keeps the youth ahead of the curve well into adulthood.
Mentoring students of Government College, Umuahia, Abia State, in commemoration of the 2017 Financial Literacy Day, he noted that it will subsequently impact positively on the entire financial services industry.
This year’s Global Money Week, with the theme, “Learn, Save, Earn”, drew over 80,000 students drawn from about 800 schools in the 36 states of the Federation, who benefitted from the exercise.
Sogunle told the students that what makes the financial literacy programme particularly significant is the opportunity it provides them to be exposed to financial skills very early in life unlike past generations who never had similar exposure, a situation that narrowed their capabilities.
In the same manner that education and training equip an individual for success in life, so does financial literacy enhance sound financial decisions and lifetime financial security, he stated.
“Something as simple as saving money may seem easy, but without a grasp of financial management, an individual may never develop the habit of making sound financial choices and with that come mistakes and difficulties,” said the Stanbic IBTC chief.
He added that saving is an essential part of being financially secure, hence the need to understand what money is, and basic money management skills. These include living within a budget and handling credit and debt, all of which will put them in good stead for better management of finances and future success.
He said Stanbic IBTC Group recognises the pivotal role of qualitative education in socio-economic development – the reason education is one of the three focus areas for the bank’s corporate social investment (CSI) efforts.
“We see ourselves as a catalyst for progressive change. Everything we do as an organisation is tailored towards helping individuals and businesses move from where they are to the next level.
“We know that a remedy for financial illiteracy is to start practising financial discipline from a young age and that with the right financial knowledge, the future generation will be able to make informed decisions and move themselves forward,” he stated.