FCMB in 30 schools, teaches financial literacy, savings culture

First City Monument Bank (FCMB) Limited has again demonstrated its commitment towards the sustainable education and empowerment of youths by organising full interactive training sessions on Financial Literacy for students of thirty secondary schools in Nigeria on March 30, 2017.

This development the bank said is part of its contribution towards securing the future of young Nigerians by encouraging the adoption of savings culture. They are also expected to understand other financial management techniques at an early age, to enhance their general well-being, in line with the Corporate Social Responsibility (CSR) philosophy of the financial institution.

The highly exciting and educative sessions were anchored by top officials of FCMB and simultaneously took place in five secondary schools each in six states, namely, Anambra, Kebbi, Cross River, Ondo, Nasarawa and Taraba states. This formed part of the Bank’s activities to commemorate the 2017 Global Money Week and Financial Literacy Day celebration, with the theme, “Learn, Earn and Save.”

An initiative of the Bankers Committee in collaboration with the Central Bank of Nigeria (CBN), the Financial Literacy programme is focused on educating the youth, especially students, on the economic environment, teaching them the key fundamentals of financial literacy, re-enforcing a savings culture, as well as introducing the basics of entrepreneurial and livelihood skills with a view to empowering the next generation to be self-reliant. The 2017 edition marks the fourth consecutive year that FCMB is actively participating in the project.

In his presentation to students of St. John of God Secondary School, Awka in Anambra state FCMB’s Regional Director, South-East/South-South, Mr Okey Ezeala, stated that imbibing financial principles at an early age will go a long way to help students and the young ones work hard, manage their resources effectively, appreciate how money works and how it can be channelled to productive ventures. While advising them to avoid spending money on frivolities, he also counselled the students on the need to open bank accounts and develop the habit of saving part of their income, no matter how small.

Mr Ezeala, who represented the Managing Director of the bank, Mr Adam Nuru, stressed that, “our young people are the hope and future drivers of this country. We want them to understand and appreciate the importance of prudent management of resources in ensuring their personal well-being, financial security and independence in future. Saving your money in a box, wallet or at home is a good starting point. However, this method of saving does not grow your money. Money saved at home should be transferred to a bank or invested after a while. This reduces the risk of impulse buying or theft, as this gives your money the chance to grow in a sustainable way.” He urged parents to also enlighten and inculcate in their children the attitude of effective management of resources.

In her response, the Principal of St. John of God Secondary School, Lady Anthonia Nwaniki, commended the CBN and FCMB in particular for committing both human and financial resources to execute the Financial Literacy Day initiative.  Lady Nwaniki, who was represented by the Vice Principal, Administration, Mrs Ngozi Ogujiekwe, described the outreach programme organized by the Bank as, ‘’impressive and an eye opener’’. She further stated that, ‘’I can say that this initiative will go a long way to help students learn and develop the habit of Savings. It is capable of making them become achievers. The training cuts across savings and sense of investment even in education to become responsible citizens in future. My candid advice to parents is to encourage their children to save out of every pocket money they receive. They must get the children to learn how to spend judiciously’’.

In 2016, FCMB carried out a similar programme when it adopted and organised a mentoring session for students of Federal Government Girls College, Akure in Ondo state. The Bank went further by donating a power generating set to the school. In the previous year, FCMB trained students of Government Girls College, Dala in Kano state. In addition to this, the financial institution renovated and equipped the school hall as part of measures to provide a conducive environment for the students and further enhance the status of the school. In 2014, Community Secondary School, Aka-Offot in Uyo, Akwa Ibom state benefited from the exercise, including the renovation of the school’s computer centre and donation of 30 new computer systems.

For this year, FCMB, in line with the recommendation of the Bankers’ Committee, expanded the scope of its participation in the financial literacy programme by simultaneously organising the training session in 30 schools across Nigeria. About 5,000 students benefitted from this exercise, which was facilitated by employee volunteers of the bank. This expanded approach will go a long way to fast-track the drive of the country to promote financial literacy and inclusion among the citizenry.

First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial service institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, the bank has continued to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.