Financial Inclusion: Groups Target the Unbanked

22 Feb 2013

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CBN office

Eromosele Abiodun

The financial inclusion project of the Central Bank of Nigeria (CBN) received a boost as Credit Awareness Nigeria and Ajapa World signed a Memorandum of Understanding (MoU) to spread financial education for youths and Children in Nigeria.

Executive Director, Credit Awareness Nigeria, Mr. Ladi Smith, said both organisations came together to fill the gap in the financial inclusion project by teaching youths and children of the need to save and learn entrepreneurial skills at young age.

Deputy Director, Credit Development Finance Department of the CBN, Mr. Akin Sowunmi, said financial inclusion was a national agenda that the CBN was spearheading.

He noted however that there were several dimensions to financial inclusion adding that the CBN was working at addressing areas such as saving, payment, and insurance, among others.

On his part, Senior Manager, Consumer Protection Department of the CBN, Mr. Damola Atanda, stressed that the CBN was concerned about financial literacy in the country adding that the apex bank was working to ensure increase financial literacy.

Apart from Credit Awareness Nigeria, he said the CBN was also working with other organisations so as to reach a broad spectrum of the Nigerian populace.

In her presentation, Project Manager, Credit Awareness, Nneka Eneli, said the youth age was the most productive and birthing of ideas that lead to the creation of wealth.

“Two major reasons youths find it difficult to fend for themselves early enough in Nigeria is because they are not aware of, do not apply their entrepreneurial skills and also, do not have good savings attitudes. The average Nigerian child is not introduced to money early enough, and most of them are prone to making bad financials decision.

“Teaching children about money from an early age will help reduce poverty. For those who actually startup businesses, most of them fail because they do not have the requisite knowledge on financial management. Without this gap filled, any abilities or training they develop may not profit them financially, “she said.

Also speaking at the occasion, Chairman, Ajapa World, Mr. Akin Braithwaite, said his organisation recognised the value of youth and children in this information age.

The company, he added, was using the strength of what it knew to help children think that they could help themselves to achieve greatness in life.

Tags: Business, Nigeria, Featured

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