As part of efforts to impact financial knowledge on Nigerian youths, Stanbic IBTC Bank, in partnership with the Creative Youth Community Development Initiative, a Wole Soyinka Foundation, has organised a Financial Literacy forum for students of the Covenant University, Ogun State.
During the programme, the participant were taken through basic issues in finance, banking and the economy.
Apart from raising awareness on good saving habits and financial education, the session also enabled the students and the university community at large to gain knowledge of banking products and services that are designed to meet their needs, especially the Stanbic BluEdge Youth Account.
The event had over 600 participants in attendance and fits perfectly into the financial literacy initiative of the Central Bank of Nigeria (CBN) designed to encourage children and young adults in schools to understand quite early in life the rudiments of money and its uses.
In her opening remarks, Head, Personal Banking, Nkoli Okoli, noted that as the future belongs to the youth, it was imperative that they are grounded in financial matters to enhance the making of sound financial decisions and achieve lifetime financial security.
Nigeria’s banking industry, she noted, would continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking in the country. Such impact can only be made when the youth are more enlightened.
Nkoli, who was represented by Head, Retail Sales, Stanbic IBTC Asset Management Ltd, Obinna Lewis-Asonye, said: “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 comes mistakes and difficulties.”
She added that saving was an essential part of being financially secure.
According to her, students need to understand what money is and acquire basic money management skills such as 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.
Lewis-Asonye, in a presentation, took the students through the wealth creation process, how to set goals and develop a financial and investment plan, as well as the allocation of resources and income.
The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills.