CBN, UBA Storm Rural Communities Grooming Students on Nationwide Financial Literacy

Ademola Babalola in Ibadan

The Central Bank of Nigeria (CBN) and the United Bank for Africa (UBA) have stepped up the campaign for financial literacy across the six geopolitical zones of the federation in a nationwide financial literacy effort aimed at ensuring that over 80% of Nigerians deposit their money in Nigerian banks by year 2020.

The CBN and UBA management staff said at separate interface sessions with rural students of Leo Community Grammar School, Apata, Ibadan and Olivet Baptist High School, Oyo, Oyo State, that the renewed effort was to encourage savings among people living outside the state capitals.

While the CBN management was led by its Principal Manager of the Consumer Protection Department, Mr. Damola Atanda, UBA was led to Oyo Alaafin by its Executive Director, Ayoku Adeoye Liadi, who is the ED in charge of Lagos and West banks.

Atanda told reporters that the CBN was marking the October 31st world saving day and has accordingly directed the banks nationwide to go into the hinterlands to strengthen the implementation of National Financial Literacy Framework (NFLF) by highlighting the importance of savings to the rural students so as to safeguard their future and the nation’s economy.

The CBN officer said the primary objective of the programme is to increase awareness on importance of savings, earning a livelihood, inculcate savings habit, employment and entrepreneurship for personal and national development.

While stressing that the CBN was covering over 200 secondary schools in remote areas of the country for this year’s world savings day, Atanda also warned people to beware of wonder banks, just as he re-echoed the need for over 400 selected students of Leo Community to always remember the saying which goes thus: “Don’t save what is left after spending, but spend what is left after saving”.

Ayoku Adeoye Liadi, while speaking with newsmen in Oyo said the aim of the campaign is to encourage savings among upcoming generation in the country.

Over 400 students and teachers from the school were taken through over 30 minutes educative talk on advantage of saving in baking sector, especially at younger age.