• Monday, June 24, 2024
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CBN unveils new app to boost financial inclusion, literacy

Again, Customs slashes FX duty rate to N1,238/$

The Central Bank of Nigeria (CBN) has unveiled SabiMONI, a fully digital national e-learning platform in a bid to promote financial literacy and deepen financial inclusion.

Speaking at the launch last week, Godwin Emefiele, governor of CBN, said the platform is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers through self-service.

“The platform is aimed at supporting our efforts toward ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond,” he said.

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He said it is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately, economic growth and development.

According to Emefiele, the absence of or low levels of financial literacy constituted an impediment to financial inclusion and the pace of financial inclusion is directly related to the level of financial literacy and financial capability.

Nigeria’s financial inclusion rate grew to 64.1 percent in 2020 from 63.2 percent in 2018, according to Enhancing Financial Innovation & Access (EFInA) said. The 2020 figure is below the CBN’s 80 percent financial inclusion target for the year 2020.

And although the inclusion rate dropped marginally from 36.8 percent in 2018 to 35.9 percent in 2020, the excluded adult population of 38.1 million reported in 2020 was higher than the 36.6 million recorded in 2018, meaning 1.5 million adults fell into the exclusion circle in the last two years to 2020.

“The shortage of skilled and experienced persons to drive financial education remains a major hindrance. Interestingly, the National Financial Inclusion Strategy 2022 places high priority on financial and digital learning,” Emefiele said.

He added that this will serve as a strategy that would enable the creation of a conducive environment for serving or ensuring the inclusion of the most excluded groups.

On her part, Rashida Monguno, director of consumer protection, CBN, said financial literacy remained a key driver of financial inclusion globally.

Literacy encompasses knowledge and skills that enable individuals to effectively manage financial resources and enhance their economic wellbeing, according to Monguno.

“Financially literate consumers are always able to make better financial decisions. This is a catalyst for greater financial inclusion and stability of the financial system.”

She said SabiMONI was conceived as an avenue for driving financial education amongst the target segment of the Nigerian population to facilitate financial education programmes for end beneficiaries.

“With the launch of this platform, we now have a knowledge base where individuals can learn about financial literacy at their own pace from their comfort zones and with ease.”