In line with the commitment to promote financial literacy and encourage a strong savings culture among children, FBN Merchant Bank Limited, a subsidiary of the FBN Holdings Plc, educated the students of six secondary schools on money, saving and entrepreneurship. This is in support of the CBN’S Financial Inclusion and Financial Literacy drive as part of the 2017 Global Money Week.
Leading the team that engaged over 1200 students across six schools, the MD/CEO of FBN Merchant Bank, Mr. Kayode Akinkugbe taught pupils of Holy Child Catholic School Ekiti State the importance of saving and investing for the future. According to Mr Akinkugbe, “The Financial Literacy Day which is driven by the CBN is a laudable initiative, and we at FBN Merchant Bank see it as an opportunity to empower our young ones by ensuring they understand the importance of having a good savings culture, make wise investment decisions, and become prudent money managers from an early age.”
Mr. Akinkugbe emphasised the importance of understanding the difference between needs and wants, and encouraged the children to acquire financial discipline, noting that savings could help to preserve resources during periods of surplus as this would help in the future when resources might be limited. He urged the students to save any amount that they can, even from the money they receive as gifts, as good savings habits lead to good investment options that will help them achieve their goals.
Students from the Bank’s other schools, including the Victoria Island Junior Secondary School and Government College Victoria Island in Lagos; Government Secondary School in Abuja; and Government Girls Secondary School in Port Harcourt, also benefitted from the financial literacy day activities designed to enable them make sound financial decisions that can positively shape their future.
As financial literacy isn't only important for children but for adults too, FBN Merchant Bank also introduced a ‘Money Saving Challenge’ which encouraged both children and adults to save, and offered them options on how to effectively invest their savings.
The 2017 Global Money Week with the theme ‘Learn. Save. Earn’ commenced on March 27 and ran till April 2. It is an annual global celebration aimed at teaching children and youth about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs through fun and interactive activities. Different communities take action to create awareness, challenge out-of-date financial policies and give young people the tools and inspiration they need to shape their own future. The Global Money Week takes place annually and schools, universities, government ministries, financial institutions, members of the civil society and youth worldwide organize events.