CBN, others ready for financial literacy curriculum in primary, secondary schools

THE Central Bank of Nigeria (CBN) in partnership with the Nigeria Educational Research and Development Council (NERDC), says it is ready to commence the training of teachers ahead of the inclusion of financial education in the curriculum of primary and secondary schools in the 2017/2018 session.

This is to ensure that financial education is ingrained in students from a young age as part of financial inclusion target of the country.

Speaking at a workshop for the development of the teachers’ guide in Lagos, the Executive Secretary of the NERDC, Professor Ismail Junaidu, said the curriculum is essential in entrenching fina ncial education in Nigerians at a young age.

Junaidu who linked 2008/2009 financial crisis which the country had was due to dearth of financial education said “if you teach them now and they grow up with that culture, they will be able to manage their  resources to utilise very well and to explore various avenues of taping the resources.”

On her part, CBN Director, Consumer Protection Department, Hajiya Umman Dutse, agreed  that lack of consumer sophistication and education was one factor that contributed to the 2008/2009 financial crisis in the country.

This, she said had informed the decision by the apex bank, regulators in the financial sector as well as financial institutions to include financial education in the school curriculum.

“We developed in conjunction with stakeholders, a curriculum which recognises school children and youths as a major target group in financial education.

“We are committed to seeing that the financial education curriculum is launched at the beginning of the 2017/2018 academic session. On funding of the next stage of implementation which is training the teachers, she said the financial sector stakeholders are looking at either training at  geo-political level or on a state level basis.

Dutse, who did not specify how much has been pooled for the project said financial institutions as well as regulators who have contributed for the project are still committed to putting in more if required.

“The CBN, financial regulators and all stakeholders are committed to this project so even if there is a shortfall of funding from what we have collected, and there was commitment by all.

“So if there is need we will go back to the same people to ask for more because we will be justified because they will see the efforts that has been put into this project and what we have come out with.”

She noted that an increased financial literacy will make the job of the consumer protection department of the apex bank easier saying “if the public are sufficiently educated most of these things are going to reduce because you will know what your rights are, you will know what to expect from the deposit money banks.

“So at the end of the day it is going to bring down the complaints that we receive from the customers once they are financially educated.”