Enterprise Life Launches Initiatives to Combat Youth Financial Illiteracy

Iyke Bede

Aiming to increase insurance penetration in Nigeria, Enterprise Life, a subsidiary of Ghana-based Enterprise Group, is launching targeted initiatives to bridge the knowledge gap through financial literacy and foster a better understanding of insurance principles.

As of 2023, Nigeria has a financial literacy rate of 26 per cent, despite boasting a financial inclusion rate of 74 per cent. Additionally, it ranks 109th in financial literacy globally.

The rollout of these initiatives comes on the heels of the expansion of its operations to Abuja and Port Harcourt.

Applying a ‘catch them young’ approach, Enterprise Life aims to deepen financial literacy among youths through educational programmes specifically targeted at junior secondary students. In addition to these efforts, they are engaging in various advocacy walks focused on enhancing financial literacy.

Furthermore, Enterprise Life is currently undertaking a project to compile a detailed report on the financial habits of young people. This initiative aims to gain insights that will enable the company to develop customised solutions tailored to the specific needs of this demographic.

“A lot of people have heard about insurance, but when you ask them, ‘What really is insurance?’ you find out that for most people, it is yet to be demystified,” noted Funmi Omo, Managing Director, Life Insurance, Enterprise Life Nigeria.

“The perception of insurance has been problematic over the years. Additionally, pricing has often been inappropriate. More than anything else, the insurance industry has traditionally taken a generalised approach. A lack of personalised support and the inability to provide tailor-made products have been significant gaps we’ve experienced.”

Through its Life Planner programme on the Advantage Connect app, it already provides opportunities for young individuals to receive training, enabling them to earn additional income to support their life goals while acquiring valuable skills by solving problems for the brand’s growing customer base.

“We believe that before they leave school, we should provide initiatives to support their early years. Apart from introducing insurance, we offer the opportunity to become Advantage Connect Life Planners, complementing their first love. This can be their first job and allows them to provide complementary services to their customers,” Omo concluded.