Financial inclusion: CBN takes money matters to secondary schools

As part of efforts to increase financial inclusion and reduce unemployment in the country, the Central Bank of Nigeria (CBN) in collaboration with Junior Achievement Nigeria (JA) on has thought secondary school students how to save, and manage their finances.

The bank also said it has concluded plans to launch financial education curriculum for schools in Nigeria.

The head, Consumer Education Division CBN, Hajia Khadijah Kasim disclosed this in Lagos while teaching the rudiments of financial literacy at Methodist High School Yaba.

The event was part of activities marking the Global Money week and the initiative is managed by the Bankers Committee, which works with Junior Achievement (JA) Nigeria to match banks to schools.

Besides, Kasim said this year’s theme: ”Learn Save Earn” was informed by the need to encourage students to learn to save for rainy days and in order to know how to manage and make money  as they become  financially  included.

According to Kasim, the CBN and other stakeholders have developed the financial education curriculum for the Basic and Senior Secondary system.

“We are very happy to inform Nigerians that we have developed a financial education curriculum which we are hopeful will be launched in September 2017, and schools across the country are going to start teaching financial education.

“The beauty of it is that it is infused into career subjects that are compulsory in the basic and secondary schools system.  After the second phase which is developing the teachers’ guide, by September, we will launch this curriculum and start the pilot scheme in the six geo-political zones of the country.”

Kasim, while calling for more involvement of young minds in entrepreneurship development, stressed that financial education would be made compulsory for students in Nigerian schools.

While fielding questions from newsmen at the end of her teaching, Kasim said the main purpose of the global money week is to create awareness on financial literacy, instilling entrepreneurial skills. It is about making children and youths to be aware of how they can access financial products and services she stated.

During the interactive session, students mentioned things they consider as wants and others they believed were needs.

“It is important to keep reminding our children that it is good for them to cultivate a saving habit when they are young, so that when they become adults they will be responsible and disciplined adults who can manage their financial matters without worry. It is not everybody that will look for employment. With the skills they have acquired, the can be entrepreneurs. We want our children to be employers of labour,” she said.

She explained that the financial education objective of the apex bank was borne out of the conviction that it was better to impart the younger population by teaching them about savings, investments and financial concepts from their early years rather than wait until they grow older.

According her, CBN March 30, 2017 is declared as Financial Literacy Day, on which MD/CEOs, CBN branch controllers, top executives of  banks and financial institutions across the nation will visit over 800 schools in 36 states to teach financial literacy curriculum provided by Junior Achievement Nigeria.