NAMB Encourages Students on Savings and Financial Literacy

Nume Ekeghe

The FCT Chapter of the National Association of Microfinance Banks (NAMB) is urging students to cultivate the habit of saving money instead of spending it all on immediate consumption.

During a Corporate Social Responsibility event held at Government Secondary School Area 11 Garki, the Chairperson of NAMB, Nwanna Joel-Ezeugo and Chief Executive Officer of Hasal MFB, emphasised the importance of financial literacy among students.

In a statement, she expressed that teaching students about the significance of saving would enable them to make investments for their future.

The outreach to the school aimed to instil confidence in the students and educate them about how spending without saving can hinder the achievement of their future goals.

Joel-Ezeugo stated: “We want to encourage them to stay focused on their education because doing so will enable them to become responsible citizens.”

Additionally, NAMB donated school materials worth N1.3 million to facilitate the students’ academic learning.

Joel-Ezeugo highlighted that the collective effort of microfinance banks in the FCT was essential for making a meaningful impact on the lives of children and preparing them to be better citizens. The association is also planning to construct classroom blocks in schools to provide students with an improved learning environment, demonstrating its commitment to education and the future of children.

The Vice Chairman of NAMBS and CEO of Prudent MFB, Francis Akie, explained that the outreach aimed to familiarise children with financial products and emphasize the benefits of saving at a young age. He emphasised that without savings, there is a greater inclination to consume.

Chief Executive Officer of MicroBiz MFB, Joe Onyeabor, emphasised that microfinance banks are the closest financial institutions to the people and, as such, it is crucial to expose students to financial literacy and inclusion from an early age.

Chief Executive Officer of Fedeth MFB, Joseph Oyibo stated that the outreach targeted over 500 students and aimed to provide financial literacy to help them understand the role of banks, especially microfinance banks. He emphasised the importance of responsible financial management, highlighting that not all financial resources should be immediately spent on consumption. This outreach was the first of its kind organized by the association and is expected to expand to other areas in the FCT in the future.