CBN launches SabiMONI e-Learning platform

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Governor of the Central Bank of Nigeria (CBN), Godwin I. Emefiele has said that the launch of SabiMONI e-Learning platform would help provide individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.

A fully digital national e-learning platform that provides a knowledge base for financial literacy, the SabiMONI platform is aimed at supporting CBN’s efforts towards ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond.

Emefiele said, “One of the key drivers of Financial Inclusion today, is no doubt financial literacy. It is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately economic growth and development.

“Research has shown that the absence of or low levels of financial literacy constitutes an impediment to financial inclusion. In other words, the pace of financial inclusion is directly related to the level of financial literacy and financial capability (National Financial Literacy Framework).”

The EFInA Access to Finance Report indicated that Nigeria has a high rate of financial exclusion when compared to its peers in Sub-Saharan Africa (EFInA A2F 2020); it also identified low awareness levels or low financial literacy levels as constituting a major barrier to financial inclusion in Nigeria.

It further indicated that a third of Nigerians have low financial capability levels, a direct implication of low financial literacy levels.

To address the financial inclusion gaps, Emefiele noted that the National Financial Inclusion Strategy 2022, identifies increasing adoption and usage of financial services in priority demographics comprising the most vulnerable segments such as women, youth, MSMEs, rural dwellers and especially, the Northern part of the country as well as expansion of Digital Financial Services and Platforms amongst its strategic priority areas.

Emefiele added, “To enable us to achieve these, we must take deliberate steps to upscale financial capability through financial education programmes. The shortage of skilled and experienced persons to drive financial education remains a major hindrance.”

Interestingly, the National Financial Inclusion Strategy 2022 places a high priority on financial and digital learning as a strategy that would enable the creation of a conducive environment for serving or ensuring the inclusion of the most excluded groups.

“There is no gain in saying the fact that the SabiMONI Financial Literacy e-Learning Platform will enable us to drive financial education physically through the certified financial literacy trainers at the locations where it is most needed. It will enable us to drive digital financial literacy thereby boosting consumer confidence in the uptake and utilization of digital financial services.

“The SabiMONI portal will serve as a repository of information not only for learners but also for researchers in the most effective manner,” he further explained.

Emefiele reiterated the fact that financial inclusion is a strong lever for bridging income inequality, combating poverty and preserving social harmony and ultimately Financial System Stability.

He implored all to make use of the great opportunity to get registered into the SabiMONI e-learning platform, take the courses, and encourage others to use the platform and learn about how to become better managers of financial resources.

The CBN governor reminded the operators, regulators, and development partners of the importance of ensuring that the efforts impact positively financial capability, financial health, and financial inclusion, and charged the people to ensure that a pragmatic measurement and evaluation framework is put in place that would enable all to assess the impact of not only the SabiMONI but also, other financial literacy initiatives.

In her welcome remarks, Mrs Rashida J. Monguno, Director of Consumer Protection, Central Bank of Nigeria at the event said financial literacy remains a key driver of financial inclusion globally as financially literate consumers are always able to make better financial decisions, which is a catalyst for greater financial inclusion and stability of the financial system.

“Penetration of financial literacy in Nigeria is still low, with a current rate of 64.1 per cent. This, no doubt, may not be unconnected with a shortage of skilled financial literacy trainers and limited avenues or channels for financial education. Latest results from the Access to Finance Survey by Enhancing Financial Innovation and Access (EFInA) suggest that the low level of financial literacy continues to constitute a barrier to financial inclusion,” Monguno said.

She pointed out that the SabiMONI was conceived as an avenue for driving financial education amongst the target segment of the Nigerian population that would facilitate financial education programmes for end beneficiaries.

She stressed that it will also support efforts at enhancing financial inclusion through digitalization and serve as a channel for propagating Digital Financial Literacy thereby ramping up the adoption and usage of Digital Financial Services.

In her keynote address, Deputy Governor, Financial System Stability, Mrs Aisha Ahmad said the SabiMONI portal is a fully digital national e-Learning platform that provides a knowledge base for financial literacy, which is aimed at providing individuals with the opportunity to be trained and become Certified Financial Literacy Trainers (CFLT) through self-service.

She noted that the platform aimed at supporting our efforts towards ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond.

“The SabiMONI portal will serve as a repository of information not only for learners but also for researchers in the most effective manner,” Ahmad stated.

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