The Association of Chartered Certified Accountants (ACCA) has thrown its weight behind the Central Bank of Nigeria (CBN) financial literacy campaign.
The Head of ACCA Nigeria, Mrs. Oluwatoyin Ademola, made this known at the 2016 Finance Summit organised by the association recently.
According to her, based on findings that revealed that about 43 per cent of Nigerians were not financial literate, ACCA is interested in teaching more people about finance so that it would contribute to economic growth.
“When people are not financially literate they would not contribute to the growth of Small and Medium scale Enterprises which in itself is the engine of growth in any economy,” Ademola said.
She blamed the failure of most Nigerian SME businesses on the lack of ability of the owners to apply financial knowledge in their daily jobs.
Apart from physical training of participants, ACCA she said, had earlier launched an online training platform to boost financial literacy.
“The major reason there is poor SME growth in Nigeria is due to lack of understanding of basic finance. There is no organization or firm that does not need the services of an accountant even on part time basis. Some of them want to make profit but they don’t have somebody to teach them,” she said.
Every year, ACCA organises summits in Lagos, Abuja and Port Harcourt to prepare undergraduates and fresh graduates for employment opportunities. The body has taken a step further by putting together a virtual careers fair called ‘Advantage,’ an online platform that brings together employers, tuition providers, members and recruitment partners. Candidates are able to log on to this portal and upload their curriculum vitae and have live chats with employers.
Ademola used the opportunity to invite small and medium business entrepreneurs to arm themselves with ACCA’s various skill acquisition packages, including rudimentary financial training, to enhance their operations.