CBN targets youths to improve financial literacy in Nigeria

Feb 25, 2013

The Central Bank of Nigeria (CBN), Credit Awareness Nigeria and Ajapa World signed a Memorandum of Understanding (MoU) to spread financial education for youths and children in Nigeria.

The Central Bank of Nigeria (CBN), Credit Awareness Nigeria and Ajapa World signed a Memorandum of Understanding (MoU) to spread financial education for youths and children in Nigeria.

The initiative aims at teaching youths and children of the need to save and learn entrepreneurial skills at a young age.

"Teaching children about money from an early age will help reduce poverty. For those who actually start up 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," said Nneka Eneli, a Project Manager at Credit Awareness, quoted by This Day.

Damola Atanda, a Senior Manager at the CBN, stressed that the Central Bank was concerned about financial literacy in the country and was also working with other organisations to improve the situation across the territory, thus improving access to banking services.

Official figures indicate that only one in five Nigerian adults owns a bank account, with over half of the country’s adult population excluded from access to financial services, especially in the rural communities, Nigeria Intel reports.ADNFCR-2976-ID-801545732-ADNFCR