Financial literacy, key to making smart financial decisions, is gaining attention in Nigeria as experts gather to address the need for better financial education.
To tackle this urgent need for improved financial education, Mayowa Owolabi Company, a financial education brand, organised its first-ever summit. The goal was to provide practical insights and strategies for achieving success in managing money.
The summit highlighted the importance of financial literacy, which is all about making informed and effective financial decisions. Participants learned about important financial ideas like planning, budgeting, compound interest, managing debt, saving money, and understanding the value of money and wealth.
The organisers said that without financial literacy, people can end up making poor financial choices that hurt their money situation.
A report on Financial Inclusion Nigeria showed concerning rates of financial illiteracy – 31.1 percent in cities and a high 68.5 percent in rural areas.
They also noted that many people in Nigeria do not have much education – around half of adults have not completed much school.
The Report quoted Godwin Emefiele, suspended CBN Governor, as saying that “Financial literacy is a must for better financial inclusion, which leads to stable money systems and economic growth.”
He was also quoted to have talked about the strong connection between understanding money and including more people in the financial system.
The Money Matters Summit wasn’t just about giving good money advice. It also aimed to create a friendly space for talking about money.
Experts such as real estate operator, Stephen Akintayo, Toba Obaniyi from Whogohost, and Pastor Bisi Adewale shared their knowledge and experiences, all wanting to help people become financially independent.
The summit was the vision of Mayowa Owolabi, who wanted to help Nigerians learn about handling money.
“The Money Matters Summit helps Nigerians learn, share, and do well with money,” he said.
With years of experience in banking and strategy, Owolabi is dedicated to spreading financial education.
Held in Lagos, the summit brought together entrepreneurs and experts. They all wanted to learn and share ideas about getting financial freedom and success.
One participant said, “This summit is the most useful money event I’ve been to in Lagos. The advice and strategies will really help me manage my money better.”