• Thursday, February 29, 2024
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How financial literacy enables stability in emerging economies – QNET

Financial inclusion: QNET bridges literacy gap in Nigeria to create wealth, jobs

As the world undergoes profound transitions, the importance of financial literacy cannot be overstated. Today, understanding and managing finances are essential for individuals and communities to thrive.

Financial literacy forms the bedrock for creating stable and peaceful societies, aligning perfectly with the 2023 International Literacy Day’s theme: ‘Promoting Literacy for a World in Transition: Building the Foundation for Sustainable and Peaceful Societies.’

As part of activities to mark this year’s event, QNET, an international lifestyle and wellness direct-selling company, invested in advancing financial literacy in emerging economies such as Nigeria.

Speaking at this year’s International Literacy Day celebration, Biram Fall, regional manager of QNET sub-Saharan Africa, said, “In a constantly changing world, QNET’s FinGreen initiative remains steadfast in its mission to promote financial literacy. As we celebrate the 2023 International Literacy Day, we emphasise the crucial role financial literacy plays in building a secure and peaceful societies.

“Through our flagship financial literacy programme, FinGreen, we are dedicated to providing people with the knowledge and skills they need to make informed choices about their financial futures, ultimately contributing to a brighter, more stable world,” he said.

The celebration of International Literacy Day offers the opportunity to accelerate progress towards the achievement of Sustainable Development Goal 4, which is ‘Quality Education’.

One of the targets of this goal is to substantially increase the number of youth and adults with relevant skills, including technical and vocational skills for employment, decent jobs, and entrepreneurship.

Read also: Mastercard bets on partners to close Africa’s financial inclusion gap

A 2015 Nigerian Financial Survey states that financial illiteracy is prevalent in urban and rural areas, with rates at 31.1 percent and 68.5 percent, respectively.

In addition, the survey reveals that levels of education are generally low nationwide, as 50.7 percent of the adult population either lacks formal education qualifications or has only completed sub-primary education.

Biram Fall further said, “The ability to unlock possibilities and build a secure and peaceful society depends on one’s level of financial literacy. Through our flagship financial literacy programme known as FinGreen, we are dedicated to providing people with the information and skills they need to make educated choices about their financial futures and ensure a better future for themselves.”

Financial literacy is central to creating such societies, while progress in other areas of development contributes to generating interest and motivation in people.

A Corporate Ownership and Control report clarifies that communities with higher levels of financial literacy experience lower crime rates and greater economic stability, as financial literacy is a determinant of individual wealth accumulation and social well-being.

Abiodun Ajisafe, managing director of Transblue, QNET’s legal partner in Nigeria, also shared his insights on the importance of financial literacy in a world in transition.

“Financial literacy is not just about managing money; it’s about empowering people to take control of their lives and make meaningful contributions to their communities. We are proud to partner with QNET’s FinGreen initiative in this noble endeavour.

“The programme’s second phase, launched in August, has received encouraging responses and engagement from the participants as they reaffirm the value of our efforts in empowering participants with financial knowledge,” he said.

The impact of QNET’s FinGreen programme on emerging economies is tangible. Testimonials from beneficiaries of the FinGreen phase 2, highlighted the transformational power of financial literacy.

Through partnerships, programmes, and testimonials like these, FinGreen empowers women and youth in emerging economies to take control of their financial destinies and contribute to a brighter, more stable world.

Richard Adedayo, a beneficiary of the programme’s second phase, thanked QNET for the opportunity, which he said would improve the financial situation as well as foster empowerment in many people, particularly young people.

“I want to make it a point to ensure that I educate other individuals about their financial situations,” he said.

As the world embraces change and transitions into an uncertain future, QNET’s FinGreen remains committed to promoting financial literacy as a cornerstone for building sustainable and peaceful societies.