Financial Institutions Tasked on Closing Literacy Gap

Omolabake Fasogbon

Financial institutions in the country have been advised to take investors’ education as a priority to boost level of inclusion in the country.

This was the resolve of industry experts at a conference co-hosted by Zedcrest Group and Nigerian Economic Summit Group (NESG) in Lagos, recently.

The conference is themed “Securing and enriching Nigerians at scale: Prosperity inclusion through financial sector innovation”.

The conference gathered financial experts from across banking, insurance and capital market where they charted path on way forward for the Nigerian economy.

At the conference, featuring different panel sessions, experts stressed the need for increased efforts on education of investors to guide against bad businesses and to enhance financial inclusion in the country.

Speaking, Executive Commissioner (Operations), Securities and Exchange Commission (SEC), Mr Dayo Obisan identified education as one of the key influences of inclusive prosperity.

“Proper financial education is essential, as, for every 100 businesses funded, only five are expected to be profitable. People may have the money but there is a wide gap in terms of how to use it which explains why they spend their time chasing illegalities such as Ponzi schemes.”

Lending voice to Obisan’s submission, Executive Officer at Graeme Blaque Group, Zeal Akaruiwe said, “One of the key areas for inclusive prosperity is education. 

I don’t mean going to school alone but being educated. If people are not educated, having inclusive growth will be very difficult.

On his part, Chief Financial Officer at Standard Chartered Capital and Advisory, Oseikhueme Anao advised institutions to partner with religious organisations and other bodies to be able to spread message of financial literacy.

Earlier, Group Managing Director of Zedcrest, Mr. Adedayo Amzat stated that the national discourse was aimed at re-evaluating and reconsidering the role of the government, regulators and the financial sector in building a secure future for inclusive prosperity in Nigeria.

He added the conference was a follow up to discussions at the 27th Nigerian Economic Summit (NES#27), which focused on finding ways to enhance Nigeria’s financial environment.