Qnet Equips 750 Nigerian Youths With Financial Knowledge

In a country where financial education gaps have hindered economic progress, Qnet, a wellness and lifestyle company, with its local partner, Transblue, has successfully empowered 750 Nigerian youths with financial knowledge, under the second phase of its FinGreen programme.

A report by the World Bank revealed that financial literacy is an essential life skill, and the lack of financial education is a global issue affecting individuals, communities, and economies. It is estimated that 1.7 billion adults worldwide do not have access to basic financial services, and only 30 per cent of adults in Sub-Saharan Africa have a bank account.

In Nigeria, for instance, the Central Bank of Nigeria (CBN) had reported earlier this year that financial literacy in Nigeria was low, at 64.1 per cent due to a lack of professional trainers and financial education outlets.

To improve financial literacy in Nigeria, QNET and its local partner in Nigeria,Transblue, launched the FinGreen Initiative, in partnership with Consumer Advocacy and Empowerment Foundation (CADEF) and Financial Literacy For All (FLFA) as the implementation and content training partners.

During the 2nd phase of the initiative, 25 youth leaders received training as peer-to-peer trainers. They have so far trained 750 youths within their communities in the southwest region of Nigeria.

The CEO of Transblue Nigeria Limited, Mr Abiodun Akeem Ajisafe, at the graduation ceremony of the second phase of FinGreen Financial Literacy Programme, on Wednesday, in Lagos, told LEADERSHIP that the aim of setting up FinGreen is beyond training 6,000 Nigerian youths, even as he disclosed that the literacy programme was meant to impact the economy of Nigeria, by its own citizens.

Ajisafe said the first stage of impacting the economy is to ensure that the people are equipped with the right financial knowledge that can make them make informed decisions about their finances. He averred that a lot of Nigerians are going through tough time, because they don’t understand how to manage their finances and multiply it, adding that the economic hardship experienced by Nigerians could have been reduced drastically, if a lot of them are financially literate.

“This is the main reason we set up the FinGreen programme. One of the key things we have put together in the programme is to equip Nigerians with financial knowledge, who inturn will train others. We are not putting a cap on 6,000 Nigerians, rather the figure is endless,” he further explained.

The executive director, Financial Literacy for All, Laja Shoniran, posited that financial literacy is very key to national development, even as he alluded that, “No matter what level you are; whether you are rich or poor, financial literacy is very important. Unfortunately, all across the world, there is a dire need for financial literacy. In America, they have a whole month dedicated to financial literacy, but in Africa and Nigeria, we don’t have such.”

Shoniran advocated the need for every Nigerian to be educated on financial literacy. To him, “we need money all through life, and as such, knowing how it works, is very important. The major problem we have in Nigeria today is borne out of financial illiteracy of our leaders, because, they don’t even know how to manage their wealth and that of the nation.”

In the same vein, the executive director, Consumer Advocacy and Empowerment Foundation, Prof. Chiso Ndukwe-Okafor, applauded Qnet for the amazing programme, that has helped transformed the lives of many youths in Nigeria.

At the end of the 2nd phase of the programme, Ndukwe-Okafor disclosed that participants were equipped with financial wisdom, that has helped them nurture sound financial habits, which will guide them to make informed monetary decisions. “Participants were also empowered with insights into saving, investing, banking, risk management, and insurance. This education not only bridges the knowledge gap but also paves the way for enhanced financial inclusion and holistic economic prosperity. We have taught them, not to focus on becoming rich, but to become wealthy and to impact the lives of others as well,” she stated.

Meanwhile, Qnet has awarded the top three participants who performed the best during their peer-to-peer training. These individuals were each awarded with an e-learning voucher to help them advance their soft skills and seed money to help them start or advance their businesses. The seed money will help them apply the training, skills and knowledge acquired during the FinGreen Phase 2 financial literacy training.

Chikwere Nwosu emerged as the 2nd runners of FinGreen Alumnus of 2023 and was awarded a cheque of N500,000; Olayinka Olanrewaju, emerged as the 1st runners, with a cheque of N750,000 and Temitope Adesemowo emerged the FinGreen Alumnus of the year 2023, with grand prize of N1 million.

In her reaction, Temitope Adesemowo applauded Qnet and its partners for giving her the opportunity to pursue her dream and to empower others as well.

Speaking on how the programme has impacted her life, Adesemowo said, “Shoniran, my mentor, told us that wealth creation is not wealth, until it is passed to the next generation. He made us to understand that it is best for you to be wealthy and not thrive to be rich. A wealthy person would invest his money, and not just save it.

“Before now, I never thought about investment. I had the mindset that only those who have money, go into investment. With the training, however, I now understand that investment is gold. I have learnt that i need to make money, manage it and multiple it,” she stated.