Kelechukwu Godfrey is a banker, financial educator and youth development advocate. In this interview with KINGSLEY ALUMONA, he speaks about his passion for banking, financial inclusion for poor Nigerians, naira scarcity, among others.
Your passion and work revolve around banking, and financial inclusion and education. What inspired this for you and what kind of training did you acquire before venturing into these fields?
My passion for the banking sector was what I inherited from my dad, who is also a banker that enjoys discussing the stock market and the Nigerian economy with his colleagues on weekends. This made me develop an interest in numbers and finance, and propelled me in toeing that line. So it is safe to say that I am a second-generation banker with a decade of experience.
I have witnessed the importance of financial literacy in making effective decisions, especially among young people who are often lacking in financial skills and how this affects their personal life and business. This is one part of an adult life that nobody prepares you for.
In the last few years, I have consumed quite an amount of knowledge in the form of articles from renowned financial educators, attended events and seminars, coupled with a degree in Accounting, a second degree in Business Administration, an MBA (in-view), and also a certified financial educator certification (in-view).
Last November, the Nigerian Bureau of Statistics (NBS) revealed that about 133 million Nigerians are multidimensional poor. What do you think can be done to ensure financial inclusion/freedom and economic sustenance for most of these poor Nigerians?
There are several potential strategies that could be implemented to improve financial inclusion and economic sustenance for poor Nigerians. We could begin with improving financial education. Many Nigerians lack the knowledge and skills needed to make informed financial decisions. We can help them understand how to manage money, invest, save, access financial services and build good money habits. The truth is the economy of a nation might lie in its output, but it is also largely dependent on the money habits of its people.
Another way to help is by supporting small business development and entrepreneurship. Due to lack of employment, many Nigerians have moved to work in the informal sector in a bid to provide for themselves. However, the problem with the informal sector is that it lacks business training, financing and market opportunities to actually alleviate their economic status. Now, if a target programme is directed at training, financing and business mentoring, this could help small business owners grow, prosper and close the unemployment and poverty gap.
Other strategies include investing in infrastructure and basic services, expanding access to financial services like credit and insurance to help build financial resilience and improve economic situation.
With the hardship associated with the new naira policy, high unemployment rate, and economic uncertainty, what kind of future do you see for the incoming Nigerian government and would you advise the incoming government in this regard?
Firstly, it is important to address the fact that monetary policy should not be used to fix institutional failures. It is high time institutions are held responsible for their failures. The incoming Federal Government should prioritise building trust and engaging in a constructive dialogue with citizens, institutions, and stakeholders. It should promote civic participation, implement policies that promote transparency and accountability, leverage technology and innovation for economic growth and development. It should also prioritise cooperation and collaboration with other countries and international bodies/organisations for trade, investment, decision-making processes, regional and international partnerships. Finally, it should participate in global governance.
A new government will be inaugurated in Abia State on May 29. If you were to be appointed the commissioner for finance, what would you do to ensure economic and financial prosperity for the state?
If I were appointed the commissioner for finance in Abia State, I would focus on several key strategies to ensure economic and financial prosperity for my state. I would do this by increasing revenue generation, exploring opportunities for revenue diversification through the promotion of agriculture, tourism and the non-oil sectors.
I would invest in critical infrastructure that would be essential for economic growth and development. I would also invest in infrastructures that could improve the standard of living of the masses and make businesses thrive, thereby attracting investors. I would reduce wastage and inefficiencies by identifying and eliminating wasteful spending and inefficiencies in government operations.
I would promote public-private partnerships by encouraging public-private partnership to promote key sectors that could help attract private sector capital and expertise to complement government’s efforts. I would also promote fiscal discipline and accountability by strengthening financial management systems. Overall, there is still more work to be done.
You are a financial educator at Boardroom Mentorship. Tell us about the startup and how it is impacting local people and businesses.
The Boardroom is a young-adult executive forum that brings together individuals from various industries, businesses and walks of life with a mission to provide solutions to problems through financial literacy, empowerment of participants with both the knowledge and skills to drive the change in the economic landscape of their communities.
It is in its fourth year and running, and has impacted the lives of thousands of youths in the South-East. It has helped to scale up, in valuation and strategy, many SMEs, and has been pushing financial literacy to secondary schools.
Young people are the major beneficiaries of your financial advocacy and literacy programmes. How do they benefit from it?
Every now and then, I get the opportunity to speak to young people about their finances, helping them build the necessary skills to improve their economic status and to discover their financial leakages. Consulting with these young people and their businesses gives me a first-hand insight of the economic and financial challenges faced in the society and helps me tailor a necessary solution and idea for a policy that could help foster economic growth.
What advice do you have for youths who are aspiring to make a name and career in what they do?
Believe in yourself. Identify your talent, skills and passion, and fuse them into an activity that drives your career, keeping you motivated and committed to achieving your goals. Set goals that are clear, measurable and achievable to help you stay focused and keep track of your progress. Always seek guidance and mentorship. Learning from the experience of others is invaluable.
Always be prepared for setbacks, failures and challenges. You have to be persistent and resilient. Network and build professional relationships. Don’t go obsolete. Always keep up with the latest trends and developments in your field. This always puts you one step ahead from the rest. And, lastly, develop a strong work ethics.
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