Knowledge

Author: MOHAMED KHAN

Category:

Date: 2 October 2017

Nigeria’s Financial Inclusion Education Campaign

nigeria
 
A study by the Nigerian Deposit Insurance Corporation in 2012 revealed significant literacy gaps among Nigerian adults, and a positive correlation between literacy and income. The literacy gaps are more prominent with regards to money management, and a significant portion of the population do not possess the skills to manage their finances and make use of the available financial products. Many Nigerians who do make use of financial services are victims of unethical practices by financial institutions, which can be attributed to low financial literacy.
A collaboration between the Central Bank of Nigeria (“CBN”), the Nigeria Education Research and Development Council (“NERDC”) and other financial stakeholders will see a new curriculum introduced into the education system in the 2017 / 2018 academic year that began in September 2017. This campaign sees the introduction of financial education into the primary and secondary education curriculum. The CBN in partnership with NERDC has begun training teachers in financial education ahead of the commencement of the academic year.
The aim of this campaign is to instil financial education in children from a young age so that they may grow up with an awareness of the importance of financial management and gain the skills required to participate in the financial system. According to the CBN, it is only when people are financially literate and financially included that they can contribute to financial and economic development in Nigeria.

Send Us Your Feedback < Back to Knowledge