Two days ago, Monday, March 17, 2014, marked the end of Global Money Week, an annual global celebration organised internationally and coordinated by Child and Youth Finance International (CYFI.)
Global Money Week provides a platform for multi-sectorial national stakeholders to collaborate, many for the first time, on developing financial education, developing inclusion initiatives and policies, and engaging children and youth in their countries.
In recognition of the role financial literacy plays in the economy, the Bankers’ Committee through its Financial Literacy and Public Enlightenment Sub-Committee (FLSC) embarked on series of activities at primary and secondary school to mark the 2014 edition of the Week.
Deposit money banks directors keyed into this to visit and educate children and youths on money issues.
Sarah Alade, acting governor, Central Bank of Nigeria (CBN), last week Thursday, engaged students of Model Secondary School, Maitama, Abuja, on financial literacy on the occasion of the Global Money Week.
The objective is to introduce our young ones to financial concepts; the idea of saving, investing and all the issues that they have to grapple with in life about money, she said.
“So, we want the young ones to be able to get it early in life; cultivate the habit of saving money and not spending all the time and that way, by the time they become adults, they are already familiar with what we are talking about,” she said.
Diamond Bank plc, adopted Caro Favoured College, Awodi-Ora, Ajegunle, Lagos, as part of efforts to promote financial literacy among children and youth, and to give them access to good quality education.
The bank officials visited the school and taught the children financial literacy. Jude Anele, head, retail banking, representing the bank’s GMD/CEO, said the lessons though were designed to instil financial consciousness in the children so they can better manage money when they become adults who will be responsible for the country’s economic fortunes.
Jibril Aku, managing director, Ecobank Nigeria, called on children across the country to imbibe the habit of saving and investing money now that they were still young.
Speaking at the Army Children School, Obalende, Lagos, as part of the Global Money Week, Aku who lectured the children on what financial literacy entailed, stated that savings was putting away money in a safe place like a box or real bank, while investment was something purchased with money and expected to produce profit.
Keystone Bank also joined the global community in celebrating the money week, as Philip Ikeazor, managing director/CEO, lauded the CBN on the programme specifically targeted at school children to raise awareness on finances.
Also commemorating the week, Heritage Bank Limited stressed the need for children and youth to be given adequate knowledge about financial management.
Ralph Omoregie, group head, customer experience and analytics, Heritage Bank, said in line with the directive on financial literacy by the Bankers’ Committee, deposit money banks were required to adopt a school and educate the students on financial management.
Speaking at the official kick-off of financial literacy by Heritage Bank, he said the executives of banks would take time to go to schools to teach pupils and students using the content prepared by junior achievement Nigeria.
Wema Bank, in partnership with the CBN, adopted the Maryland Convent Primary School, Ikeja, Lagos, for its Child and Youth Financial Empowerment initiative. Sponsored by the Royal Kiddies Account from Wema Bank, the initiative, which involves teaching young people how to save, plan and invest their money to ensure financial freedom in future, also saw Segun Oloketuyi, managing director of the bank, make a presentation on financial literacy to students.
During the week, Credit Awareness and Ajapa World set out series of activities to commemorate the global money week, which included a visit to the Nigerian Stock Exchange and the CBN, children visit to banks, financial literacy talks by bank officials and a CBN representative at some selected schools, shopping challenge by children at a supermarket in Lekki Phase 1 and monopoly tournament.
HOPE MOSES-ASHIKE
