Microfinance Banks Promote Financial Literacy Among Students

The National Association of Microfinance Banks (NAMB), FCT Chapter, encourages students to save and invest.

During a recent Corporate Social Responsibility event at Government Secondary School Area 11 Garki, NAMB emphasized the importance of financial literacy and savings to help students achieve their future goals.

Speaking during a Corporate Social Responsibility outreach at the Government Secondary School Area 11 Garki, the Chairperson of NAMB and CEO Hasal MFB, Nwanna Joel-Ezeugo, said it wants to encourage financial literacy among students and educate them on the importance of savings to have investment they could look up to.

She said the outreach to the school was to talk to students to have confidence in themselves and have knowledge on why spending with savings could pose challenge to achieving their future goals.

“We want to talk to them to remain focus in their schooling because if they do that they will be able to be good citizens.”

She added that the association also donated school materials to the tune of N1.3m to the students to ease their academic learning.

“It from all the micro finance banks in the FCT, if we are doing it individually the impact may not show, that is why we are doing it collectively. We want to impact the little we can on the lives of the children to be better citizens.”

She said the association is planning to building blocks of classrooms in schools to ensure school children learn in better environment.

“We are looking forward to a time where we can take a block of school. Our interest is mainly only education to ensure the children have a better future.”

The vice chairman of NAMBS and CEO Prudent MFB, Sir Francis Akie, said the outreach is to bring its products close to the children for them to understand and know it is good to save at tender age as without savings, there is more propensity to consume.

The CEO of MicroBiz MFB, Joe Onyeabor, said Microfinance Banks are the closest bank to the people, thus, it wants to relate with students to ensure they are exposed to financial literacy and inclusion very early in life.

On his part, the CEO of Fedeth MFB, Joseph Oyibo, over 500 students are targeted on the outreach.

He said the association wants to bring financial literacy to the students to understand what the banks are doing, especially the Microfinance banks.

“We are giving them the lecture to let them know that not everything that comes to their hands in terms of Finance that will be spent on consumption.”

He said the outreach which is the first to be organised by the association would also expand to other areas in the FCT.