Central Bank of Nigeria, Governor, Mr Godwin Emefiele has set an ambitious 95 percent financial inclusion target for the apex bank to achieve between now and end of January 2024.
As the Central Bank of Nigeria continues efforts to ensure more Nigerians have access to financial services, it has launched a digital platform to train individuals and experts on financial inclusion.
Speaking during the launch of the platform christened
SabiMoni on Monday in Abuja, the Governor of CBN, Godwin Emefiele, noted that
the platform provides an opportunity for interested participants to be trained
and become Certified Financial Literacy Trainers (CFLT) through self-service.
While stating that the platform is aimed at supporting
efforts to ramp up the number of experts that can be used to drive financial
education in the country, Emefiele said that the key driver to financial
inclusion is financial literacy.
“It is a prerequisite for greater financial inclusion, which
would lead to the stability of the financial system and ultimately economic
growth and development. Research has shown that the absence of or low levels of
financial literacy constitutes an impediment to financial inclusion. In other
words, the pace of financial inclusion is directly related to the level of
financial literacy and financial capability (National Financial Literacy
Framework).”
He pointed out that a report showed that Nigeria has a high
rate of financial exclusion when compared to other countries in Sub-Saharan
Africa, adding that the country has low awareness levels which served as a
major barrier to financial inclusion.
“It further indicates that a third of Nigerians have low
financial capability levels. This is a direct implication of low financial
literacy levels. To address the financial inclusion gaps, the National Financial
Inclusion Strategy 2022, identifies increasing adoption and usage of financial
services in priority demographics comprising of the most vulnerable segments
such as women, youth, MSMEs, rural dwellers and especially, the Northern part
of the country as well as expansion of Digital Financial Services and Platforms
amongst its strategic priority areas.”
He, however, stated that to turn the tide, the bank would
take deliberate steps to upscale financial capability through financial
education programs, saying the shortage of skilled and experienced persons to
drive financial education remains a major hindrance.
“There is no gain saying the fact that the SabiMONI
Financial Literacy e-Learning Platform will enable us to drive financial
education physically through the Certified Financial Literacy Trainers at the
locations where it is most needed. It will enable us to drive Digital Financial
Literacy thereby boosting consumer confidence in the uptake and utilization of
Digital Financial Services.”
“The SabiMONI portal will serve as a repository of information not only for learners but also for researchers in the most effective manner. Today, there will be a brief walkthrough of the SabiMONI platform and comments will be made by various stakeholders on its effectiveness. Testimonials by already existing users of the platform on their experiences would also be shared.
A demonstration of the practical onboarding process for
cohorts or target groups will be made. I encourage you to fully participate,
take notes, ask questions, and ensure that you understand the process to enable
you to pass the message to others.”
Speaking, CBN’s Deputy Governor, Financial System Stability,
Aishah Ahmad said the National Financial Inclusion Strategy 2022 places high
priority on financial and digital learning as a strategy that would enable the
creation of a conducive environment for serving or ensuring the inclusion of
the most excluded groups.
“One of the key drivers of Financial Inclusion today, is no
doubt financial literacy. It is a prerequisite for greater financial inclusion,
which would lead to the stability of the financial system and ultimately
economic growth and development.”
Its Director of Consumer Protection, Rashida Monguno, said
financial literacy remains a key driver of financial inclusion globally as it
encompasses knowledge and skills that enable an individual to effectively
manage financial resources to enhance their economic well-being.
She added that the inclusion of trust, confidence, and
participation in the formal financial system would make financially literate
consumers to be able to make better financial decisions.
“This is a catalyst for greater financial inclusion and
stability of the financial system. Penetration of financial literacy in Nigeria
is still low, with a current rate of 64.1%. This, no doubt, may not be
unconnected with shortage of skilled financial literacy trainers and limited
avenues or channels for financial education.”
“Latest results from the Access to Finance Survey by
Enhancing Financial Innovation and Access (EFInA) suggest that the low level of
financial literacy continues to constitute a barrier to financial inclusion.”
She explained that the SabiMONI was conceived as an avenue
for driving financial education amongst the target segment of the Nigerian
population and facilitating financial education programs for end beneficiaries.
“It will also support efforts at enhancing financial inclusion
through digitalization. It would serve as a channel for propagating digital
financial literacy thereby ramping up adoption and usage of digital financial
services.”
“With the launch of the SabiMONI platform, we now have a
knowledge base where individuals can learn about financial literacy at their
own pace from their comfort zones and with ease.”
She stated that the platform was developed with the
acceptance of the Financial Inclusion Steering and Technical Committees, and
with the support of the German Agency for International Development (GIZ), the
Financial Literacy Working Group (FLWG).
“This platform currently consists of fifteen (15) financial
literacy modules and the learning methodology. Some of these modules include
Needs and Wants, non-interest finance, fraud and scam, budgeting, investing
etc. The modules are fashioned in a training of trainer model with the primary
targets being the “Intermediaries Segment” as identified by the NFLF. Upon
completion of the course, learners would qualify as Certified Financial
Literacy Trainers (CFLT).”
Sterling Bank, AATIF boost renewable energy-powered
Agriculture with $15m
Sterling Bank, in conjunction with the Africa Agriculture
and Trade Investment Fund (AATIF), is set to promote environment-friendly
agriculture businesses by lending the sum of $15 million to sustainable and
renewable energy-powered Agric enterprises.
The $15 million medium-term facility from AATIF is an
extension of the lender’s commitment to support the growth of the bank’s
agricultural activities.
In a statement issued by the lender, Group Head for
Agriculture and Solid Minerals Finance, Dr Olushola Obikanye, said the funding
will further deepen Sterling’s agricultural investments in the agribusiness
industry, promote sustainable practices, and encourage farmers to explore
environment-friendly systems.
Also speaking on the funding, Sterling Bank’s Group Head for
Energy, Dele Faseemo, said the fund will seek to increase Sterling’s funding
for renewable energy installations in the agricultural sector and will
positively impact lending in the sector as well as the Nigerian economy.
Chair of the AATIF Board of Directors, Ms Doris Koehn, said
of the deal, “When we first invested in Sterling Bank, we were keen to help
actualize its impressive ambitions in growing its agricultural portfolio in
Nigeria. Four and a half years later, we are proud to renew our partnership
with the Bank and are focused on further enabling its efforts towards serving
local smallholder farmers.”
The Bank has become renowned as one of the key partners and
lenders to the agricultural sector, with over N100 billion, or approximately 13
percent of its lending portfolio, currently financing agricultural businesses
across Nigeria.
Sterling has also innovated in the renewable energy space
with the launch of Imperium, its solution to power homes and businesses, and is
currently in the final stages of deploying Nigeria’s largest solar-powered
solution for commercial property with the ongoing transformation of its Lagos Marina
headquarters.
The 18-storey building has been fitted with over 3,000
photovoltaic panels and will generate power from renewable sources.