March 21, 2016/Ecobank Nigeria

Ecobank Nigeria has stressed the need for young people to imbibe the principles of financial literacy to widen their scope and knowledge of savings and investment techniques. Deputy Managing Director, Tony Okpanachi, who gave this advice while lecturing students of Girls Secondary School Akwakuma, Owerri, last week, as part of Global Money Week celebrations, emphasized that financial awareness at an early stage in life would engender and empower the youths with the financial knowledge they require to be relevant in the global economy. He said  the bank’s action is premised on the need to further the financial inclusion programme of the Central Bank of Nigeria (CBN) to young people.

Mr. Okpanachi  who spoke on the topic “Growing Your Money” said it was necessary that young people imbibe the culture of savings and investment no matter how little as it is one way of securing their future.

The lecture which was basically interactive saw Mr. Opanachi taking the students through the basics of banking, particularly how to open and operate an account; types of accounts; relevance of Bank Verification Number (BVN), Automated Teller Machine (ATM); safety of funds,; how to save and invest, among others. It provided opportunity for the students to ask various questions bordering on the rudiments and operations of banking.

According to him, “This initiative is laudable. It is a great idea to catch them young and is in line with the CBN financial inclusion strategy. The high level of participation and enthusiasm shown by the students during the lecture underscores the importance of the exercise. Indeed, this programmme must be given all the support it needs to succeed.”

He further described Ecobank as a youth friendly bank through the various products targeted at meeting their needs and expectations.

Principal, Girls Secondary School (Seniour) Akwakuma, Mrs.Uzoho Patricia commended Ecobank for its promise to assist the school in various ways, stressing that, the training would impact positively on the students and teachers alike.

The Global Money Week is an awareness celebration that takes place every year to engage children globally in learning the concept of savings and investment. The day is being marked to focus attention on children and youth in primary and secondary schools nationwide and to empower them by enhancing their financial knowledge and planning skills.

The 2016 edition took place between 14th – 20th of March and this year marks the 5th anniversary of the annual event. It aligns with the CBN Financial Literacy Day, designed as a core part of the ‘Framework for Financial Literacy in Nigeria’ aimed at ensuring financial inclusion for the unbanked.

During the period, Chief executive of financial institutions visit and teach selected students from the schools a module of a Financial Literacy curriculum specially put together by Juniour Achievement Nigeria – a non-governmental organisation focused on educating children about their economic environment.

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By InvestAdvocate

Lagos (INVESTADVOCATE)-Financial literacy has been described as a strong catalyst to financial inclusion and wealth creation that will aid the nation’s economic growth, Mary Akpobome, executive director (ED), Heritage Bank Limited said in her opening remarks, at the Financial Literacy Day Programme  organised by the bank at the University of Ilorin Secondary School, Ilorin, Kwara State last Thursday.

The lender in a statement through its media agency TPT International said Akpobome, who was represented by Moji Niran – Oladunni, divisional head, Public Sector, Heritage Bank, explained that the Bank’s Financial Literacy Programme is a platform to help children and young adults establish a positive relationship with money.

“The Financial Literacy programme is a key enabler to the achievement of financial inclusion that will sustain economic growth and development in the country,” she added.

“At Heritage Bank, the importance of financial inclusion for the youth cannot be over-emphasized. The youth represents a vital force for socio-economic development and hence, the need to begin to work with young people through educational institutions. As a bank, we are here to grow with you and see you create wealth, preserve and transfer wealth across generations. This must begin with being financially literate,” she said.

Zuriel Oduwole, the education advocate teenager and Heritage Bank’s Financial Literacy Ambassador, while addressing the students noted that financial literacy is about how to earn money and preserve it for the future. Oduwole, who had held meetings with more than 18 presidents and prime ministers on youth and education, averred that education is not only about passing subjects like Chemistry, Biology or Economics, but about learning new things that will help the learner in the future.

Nike Jaiyeola, the principal of the school had earlier thanked Heritage Bank and the Central Bank of Nigeria (CBN) for the initiative and described the programme as a valuable contribution to the life of the youth. “The youth are the most vulnerable group to make wrong financial decision, but with this programme now, the danger can be averted when it is time to make quality decision about finances and the future,” she affirmed.

Some of the topics discussed at the programme ranged from banks, money, Bank Verification Number, BVN, the naira and devaluation. As part of the programme, the bank donated volumes of books on money and finance to the school.

As a key implementation priority of the Financial Inclusion Strategy, the CBN developed a Financial Literacy Framework (FLF) in January, 2013. The document articulates a strategic direction for a multi stakeholder approach to the delivery of financial education programmes across various target groups of the population in Nigeria.

Consequently, as part of the Global Money Week celebration, the Bankers’ Committee designated March 13 every year as Financial Literacy Day. The day is being marked to focus attention on children and youth in primary and secondary schools nationwide and to empower them by enhancing their financial knowledge and planning skills.

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By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s central bank Friday launched bank verification number (BVN) a biometric authentication for bank customers to ensure an effective banking and payment system in the nation’s banking industry.

Lamido Sanusi, governor of Nigeria’s central bank at the launch of the BVN in Lagos Nigeria said the biometric authentication is designed to ensure safety of funds and to check losses of customers’ deposits through the compromise of their personal identification numbers (PIN).

Sanusi at the launching ceremony of the BVN at the central bank’s Lagos office said within the next 18 months, deposit money banks would have completed capturing the biometric details of all its customers across the country.

He affirmed that the CBN by next week would commence the issuance of circulars to all banks in Nigeria directing their customers to come in and register for the biometric authentication.

The Nigeria’s central bank governor further affirmed that the BVN would attract no charges from banks, ‘’the BVN would allow banks to enroll and verify the identity of each customer from any point of transaction device,’’ he said.

In the same vein, Ade Shonubi, Managing Director (MD) of the Nigeria’s Inter-Bank Settlement System, (NIBSS) providing the connectivity service, said the initiative represented a major landmark in the bankers committee’s efforts at promoting financial inclusion drive and prevent money laundering in the system.

Shonubi said the bankers’ committee’s initiative would enable deposit money banks give their customers’ unique identities.

Similarly, Godwin Emefiele, MD of Zenith Bank Plc and chairman, sub-committee on Biometric in bankers’ committee, congratulated Nigeria’s central bank on the launch of the BVN, ‘’this will bring about more banking services for bank customers,’’ he said.

Emefiele said the BVN if supported by banks, would boost consumer lending and the economy irrespective of banks’ customers’ status and class.

“The issue of forgetting one’s personal identity number when it comes to transaction does not arise because the biometric cards only use bio-data information,” he said.

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