She said penetration of financial literacy in Nigeria was still low, with a current rate of 64.1 per cent. This is a catalyst for greater financial inclusion and stability of the financial system”, she said. “Financially literate consumers are always able to make better financial decisions. “But it also includes trust, confidence, and participation in the formal financial system,’’ mrs Monguno said. The Director of Consumer Protection, CBN, Mrs Rashida Monguno, said that financial literacy remained a key driver of financial inclusion globally.Īccording to her, it encompasses knowledge and skills that enable individuals to effectively manage financial resources to enhance their economic well-being. “This will serve as a strategy that would enable the creation of a conducive environment for serving or ensuring the inclusion of the most excluded groups”, he said. “Interestingly, the National Financial Inclusion Strategy 2022 places high priority on financial and digital learning. “And, especially, the Northern part of the country as well as expansion of digital financial services and platforms amongst its strategic priority area. He said such demographics comprised of the most vulnerable segments such as women, youth, MSMEs and rural dwellers. He stressed that to address the financial inclusion gaps, the National Financial Inclusion Strategy 2022, identified increasing adoption and usage of financial services in priority demographics.
“In other words, the pace of financial inclusion is directly related to the level of financial literacy and financial capability”, he said. “One of the key drivers of financial inclusion today, is no doubt financial literacy. “The platform is aimed at supporting our efforts toward ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond. Speaking at the ceremony, the CBN Governor, Mr Godwin Emefiele, said the platform is a fully digital national e-learning platform that provided a knowledge base for financial literacy.Īccording to him, SabiMONI is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.
The Central Bank of Nigeria (CBN), on Monday, unveiled an e-learning platform, SabiMONI, to promote financial literacy and to deepen financial inclusion.
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