Worried by the low rate of financial literacy in Nigeria, QNET, a global lifestyle and wellness direct-selling company, has launched an initiative aimed at bridging the financial literacy gap in the country.
The initiative, which is known as FinGreen, is being executed together with Transblue, its Nigeria’s partners with the aim of enabling youths to make informed financial decisions after a comprehensive financial education.
Speaking in Lagos recently during the QNET-Transblue Fingreen phase two launch, Biram Fall, regional general manager for sub-Saharan Africa at QNET, said Nigeria has a high financial exclusion rate compared to other sub-Saharan Africa, according to Enhancing Financial Innovation and Access (EFINA) report.
He said the report highlighted insufficient financial literacy as a key obstacle to financial inclusion in Nigeria.
He further said that the Central Bank of Nigeria (CBN) reported earlier this year that financial literacy in Nigeria remains low, at 64.1 percent due to a lack of professional trainers and financial education outlets.
“Financial literacy is essential for financial inclusion, and QNET recognises this by launching the FinGreen initiative to fill the gaps by teaching the youths about saving, investing, money management, banking, risk management, and insurance,” he said.
Pointing out that about 25 youths have been selected to participate in phase two of the training, he said the beneficiaries will be trained to become Financial Literacy Youth Alumni who will train more people in their areas or networks.
He said FinGreen has empowered youth, women, and entrepreneurs in vulnerable communities across Nigeria, and has enabled at least 600 individuals to make informed financial decisions.
“As micro-entrepreneur developers, we know education and inclusivity are crucial to a better future. Therefore, FinGreen will be launched in disadvantaged communities globally to assist the United Nations Sustainable Development Goals to build healthy economies in developing nations. Their empowerment will transmit financial literacy information to others.
“We are committed to empowering individuals by providing them with genuine opportunities for financial growth in Nigeria because we believe that youths can succeed in creating a positive and financially stable environment,” Fall said.
Also speaking, Abiodun Akeem Ajisafe, CEO of Transblue, said there is a growing demand for job creation among Nigerian youths to drive economic growth.
According to him, the demand for jobs was due to the fact that a sizable proportion of the Nigerian population faces financial challenges and has few options for revenue generation, which is creating a surge in financial scams resulting in youths losing their hard-earned money.
“By offering Nigerians chances for economic empowerment through entrepreneurial education, financial literacy, skill development, and company management training; we are committed to resolving these concerns. This will help them develop the abilities needed to launch and expand their enterprises in various industries,” Ajisafe said.
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According to him, the financial literacy initiative will enable both partners to train 6,000 Nigerian youths on financial literacy and equip them with the tools to make informed decisions about their finances, build a prosperous life, and create generational wealth for their families.
He said FinGreen’s pilot phase was launched in Nigeria last year, and the pioneer trainees educated over 500 youths in Lagos, Ogun, Osun, and Oyo States on financial literacy.
Sharing her experience, Faith Enang, a FinGreen ambassador, said the training has made her a financial expert among her peers and colleague as many now come to her for consultancy before making financial decisions.
According to her, the training has afforded her the opportunity to impact lives as she has also trained more than 100 people through her training sessions and her online book on financial literacy.
