Consumer Awareness Initiative Launched

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Ugo Aliogo

A non-profit organisation dedicated to driving financial literacy and consumer awareness in Nigeria, the Consumer Awareness and Financial Enlightenment Initiative (CAFEi) has been launched.

Speaking at the event, the President of the organisation, Mrs. Debola Osibogun, said the initiative is a non-profit organisation dedicated to driving financial literacy and consumer awareness in Nigeria. 

She explained that since commencement, CAFEi have had extensive consultation with public and private institutions, religious institutions, profit and non-profit organisations as well as regulators charged with oversight responsibilities across the financial services industry. 

Osibogun, said CAFEi had engaged the Central Bank of Nigeria (CBN) through the regulator’s department of Consumer Protection, to advocate for the elevation of consumer literacy.

She added that the organisation have had extensive engagement with the Nigerian education research development council to advocate for the inclusion of financial literacy in the curriculum for secondary schools in the country. 

The CAFEi President maintained that the organisation have been at the forefront of driving the conversation at the national level for increased consumer education and awareness, stating that it has had series of publications in newspapers to mark World Savings Day, International Women’s Day and the Global Money Week, “media tours were made to numerous radio stations in our campaign to ensure consumers in Nigeria are aware of their rights in their relationships with providers of products and services.” 

According to Osibogun, “We also continued to maintain presence in the social media space to drive this agenda that has remained sacred to this NGO. As elites, we carry a huge moral burden to ensure that we safeguard the interest of every Nigerian and remain strong advocates for a society where the rights of consumers of services and products are protected. 

“The societal obligation we owe to one another is captured in the words of Rev. Dr. Martin Luther King and I quote ‘Injustice anywhere is a threat to justice everywhere.’ 

“The mutual trust between providers and consumers of goods and services is an important ingredient in the functioning of any society and we all share in the obligation to uphold this relationship. 

“As a nation, we have survived failure of several sectors in the past; however, we stand no chance of any meaningful progress in a failed system where this relationship is not respected. 

“Therefore, it behoves on us to ensure the providers of these services continue to enjoy the trust of consumer and vice versa. 

“Finding the right balance between the increasing expectations of consumers and the interests of the service providers remains paramount as we continue to strive for a society that is worth bequeathing onto the next generation of Nigerians.

“In many countries around the world and very recently in Nigeria, we have seen significant expansion of innovation in products, services and technology to deepen the reach of financial services, including new economic activities and previously excluded segments such as small businesses and communities in the lower income classes.  

“These innovations have also supported improved efficiencies in the cost and delivery of financial services to the public.  However, there are two sides to a coin. 

“As part of the effort of CAFEi to finding a workable solution to these challenges, we interacted with a wide range of stakeholders and from our experience, one fact stands out – individuals, organizations and regulators are genuinely concerned about forging inclusive progress and sustainable shared prosperity.”