Buhari legacy

LBS partners digital bank platform NowNow to spread financial literacy

NowNow, an African digital banking platform has partnered with the Lagos Business School (LBS)’s Sustainable Inclusive Digital Financial Services (SIDFS) to initiate a financial education and literacy program aimed at driving Nigeria’s financial inclusion growth.

According to a press statement issued by the company, it will utilise SIDFS’s rich data, library content, and resources to provide financial and digital literacy tools for its customers to ensure smart financial planning.

“Most Nigerians have never had a bank account, so it’s the company’s social mission to provide the proper educational support.”

The LBS with the support from Bill and Melinda Gates Foundation launched the SIDFS in Nigeria in 2016. The project supports the development and promotion of sustainable solutions to Nigeria’s financial inclusion challenges and helps more Nigerians access financial services.

It also engages in research and advocacy projects with the goal of creating an inclusive ecosystem for financial services and understanding.

Lekan Akinjide, partnership director at NowNow Digital Services, said they strongly believe that financial inclusion should be complemented by financial education.

Read also: Keystone Bank teaches 1600 students financial literacy

“In this regard, we are excited to partner with the SIDFS of the LBS to provide financial literacy directly to Nigerians. Our partnership with them is critical to moving the financial inclusion needle to ensure citizens have the necessary knowledge and skills to use financial services.”

Also speaking on the partnership, Olayinka David-West, programme lead at SIDFS noted that since 2016, LBS’ SIDFS has supported the financial services ecosystem with rich evidence-based insights, particularly about women, youths, and rural dwellers, who are the most excluded groups.

Research shows that financial literacy is a driver of financial inclusion and providing financial education can produce outstanding results in the quest to integrate excluded people into the formal financial system, says David-West.

“We are excited to work with NowNowto improve financial literacy among Nigeria’s most excluded demography and look forward to the impact and outcome of our collective efforts.”

NowNow’s mission is to deliver best in class financial services to Small Scale Medium Enterprises, banking agents and consumers, and provide financial empowerment to Africans. The long-term partnership would be in phases with the initial offering focused on women before expanding to youths and then to other sub-categories.