Promoting financial literacy among teenagers & youths in Nigeria

Financial literacy has emerged as a critical aspect of building an all-inclusive economy in Nigeria. Economists and educationists are advocating for the promotion of financial literacy among teenagers and youths in the country as a tool for economic development. Osita Ede, Head of Consumer Liability Products at Diamond Bank, discussed the importance of starting financial education at an early age in a recent interview on CNBC Africa. Ede highlighted the prevailing issue of financial illiteracy among adults in Nigeria, pointing out that many individuals are not accustomed to essential financial habits. He emphasized the need to engage the younger generation from an early age, starting with teenagers, to instill sound financial practices. By introducing financial literacy concepts to youths, the aim is to cultivate a generation of financially savvy adults who can contribute to the economy effectively. One of the critical concerns raised by Ede is the significant number of unbanked Nigerians, which stands at 40 million according to recent statistics from the Central Bank of Nigeria. This staggering figure underscores the urgency of equipping individuals with financial knowledge early on to ensure they are well-positioned to participate in the banking system and make informed financial decisions. To address this challenge, Diamond Bank has taken a unique approach to engaging young people in Nigeria. Collaborating with Women's World Banking, the bank has launched a digital gamification platform designed to teach financial literacy in an interactive and engaging manner. By incorporating games into the learning process, the platform aims to make financial education enjoyable and accessible to teenagers. Through activities such as setting savings goals and making financial decisions in a virtual setting, the platform encourages youths to develop essential money management skills. Beyond the social responsibility aspect of promoting financial literacy, Ede outlined the business case for banks investing in youth financial education. He stressed that cultivating a financially literate population is crucial for the long-term sustainability of the banking sector. By fostering a culture of responsible financial decision-making among youths, banks can create a customer base that is confident in utilizing banking services and making sound financial choices. Apart from the efforts of private sector players like banks, Ede also underscored the role of the government in advancing financial literacy initiatives. He commended the Central Bank of Nigeria for its focus on financial inclusion and highlighted the importance of integrating financial education into the school curriculum. Collaboration between the CBN and educational authorities to incorporate financial literacy into schools could significantly impact the financial knowledge of future generations. In conclusion, the promotion of financial literacy among teenagers and youths in Nigeria holds immense potential for driving economic growth and fostering a financially empowered population. By equipping young individuals with the necessary knowledge and skills to navigate the financial landscape, Nigeria can pave the way for a more prosperous and economically vibrant future.