First Bank: Approaching Youth Market through Financial Literacy

Stories by Raheem Akingbolu

In the local and international markets, many brand minders see market segmentation as a strategy for survival but in few cases, some strong brands target the entire market and succeed. This explains the variations in the market place where some brands appeal to either the middle class or the upper class while few damn the consequence by combining all the segments. In the nation’s financial sector, only First Bank and one other bank are arguably fit into this category. For over a century, the bank has been steadfast and committed to all sectors of the market.

Promoters of the First Bank brand have over the years designed specific platforms to connect with consumers. Among other tools, the brand has used sponsorship, Corporate Social Responsibility and events to maintain its grip on the market. In line with the financial literacy project, backed by the Central Bank of Nigeria and the Bankers’ Committee, First Bank recently joined the rest of the world in celebrating the Global Money Week to engage children in the rudiments of financial literacy.

The bank under its Corporate Responsibility and Sustainability scheme initiated the Future First Programme to impart financial independence into young people through the acquisition of the right financial knowledge. The programme was designed to empower secondary school students between 12 to 17 years to build fulfilling careers and be better equipped with tools and knowledge for long term financial independence.

According to a statement issued in Lagos, the bank has to date covered over 40 secondary schools across the country, impacting over 20,000 students. In commemoration of the annual event and in continuation of the bank’s drive for financial literacy, First Bank adopted Tinuola International School, Ado Ekiti and taught the students the basics of money and empower them with the financial knowledge they needed to be relevant in the world global economy. The Executive Director, Lagos and West, Gbenga Shobo led the bank’s delegation to Ado Ekiti.

Speaking on the project, Shobo said the bank was firmly committed to the achievement of financial inclusion in Nigeria and would continue to work towards this aspiration by extending banking services to under-banked businesses, communities and individuals across the country with our extensive network of over 850 branches.

“Beyond this, we recognize that Financial Literacy is a key enabler in our quest for Financial Inclusion and that we must begin by ensuring that our children are properly empowered with a sound financial education. First Bank would continue to assist the Nigerian child and young adult to build a prosperous future by extending financial education and services to them early in life”, he said.

As part of the CBN Adopt A School program of the financial literacy day, Shobo was said to have taken over 200 students in Ado Ekiti through the basic concepts of making money, savings and investments while letting them know that their capacity to make informed.