How First Bank keyed into 2016 global money week

Some Nigerian deposit money banks participated in the 2016 Global Money Week, an annual celebration that is organised nationally and coordinated by Child and Youth Finance International (CYFI.)

Global Money Week provides a platform for multi-sectorial national stakeholders to collaborate, many for the first time, on developing financial education, developing inclusion initiatives and policies, and engaging children and youth in their countries.

In recognition of the role financial literacy plays in the economy, most Deposit money banks directors keyed into this program as they visited and educated children and youths on money issues.

The 2016 Global Money Week was held from March 14 to 20, 2016 and this year marks the 5th anniversary of the annual event with the theme ‘Take Part; Save Smart!

As part of its Corporate Sustainability and Responsibility initiatives, First Bank of Nigeria Limited, last week, joined the rest of the world in celebrating the 2016 Global Money Week to engage children and youths in the rudiments of financial literacy.

Consequently, the bank commenced the Future First Programme to empower secondary school students between 13 to 17 years, with the knowledge of building fulfilling careers and financial literacy.

First Bank adopted Harmony Secondary School, Lokoja and thought the students the basics of money and empowered them with the financial knowledge they needed to be relevant in the world global economy.

The Bank’s Group Executive – Retail Banking North, Abdullahi Ibrahim, led First Bank’s delegation to Harmony Secondary School, Lokoja on March 17 2016.

The Central Bank of Nigeria (CBN)’s Financial Literacy Day is designed as a core part of the ‘Framework for Financial Literacy in Nigeria’, which is aimed at ensuring financial inclusion for the unbanked.

The Financial Literacy framework is also targeted at enabling the Nigerian population know, understand and develop the ability to evaluate financial products/services in the financial markets, thus, decreasing the number of Nigerians that do not have access to financial services from 46.3 percent to 20 percent by the year 2020.

In addition, financial literacy would enable financial service providers understand the needs of their customers, products and associated risks.

Abdullahi Ibrahim, First Bank’s group executive, retail banking North, said the bank is 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 the bank’s extensive network of branches and alternative service channels. “Beyond this, we recognise 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”.