Financial Literacy Day in Ondo 2016
FCMB adopts School in Ondo, tasks youths on Financial Literacy and Savings Culture
Lagos: March 17, 2016 – First City Monument Bank (FCMB) Limited has urged Nigerian youths, especially students, to expand their knowledge base on financial literacy and its principles. This, the Bank stated, can be achieved by imbibing a savings and investment culture at an early age which will help to empower them and secure their future in a sustainable manner.
Speaking during an outreach programme organised by FCMB for students of Federal Government Girls College, Akure in Ondo State, on March 17, 2016, the Bank’s Vice President/Group Head, Corporate Affairs, Mr. Diran Olojo who represented the Group Managing Director/CEO, Mr. Ladi Balogun, stated that imbibing financial principles at an early age will go a long way to help students and the young ones to manage their resources effectively, appreciate how money works and how it can be channeled to productive ventures. FCMB has adopted the school for a full year as part of the Bank’s financial literacy programme support. This adoption will result in the participation of the bank’s staff in various mentoring projects, the provision of teaching services to the students and other support activities during the next 12 months. In addition, the Bank also announced the donation of a power generating set to the school.
The outreach session forms part of activities to commemorate the 2016 edition of the Global Money Week and Financial Literacy Day celebration, an initiative of the Bankers’ Committee in collaboration with the Central Bank of Nigeria (CBN). The financial literacy programme is focused on educating youths in Nigeria on the country’s economic environment, the importance of saving, financial control, planning and knowledge of basic financial concepts, amongst other benefits.
Mr. Olojo, who delivered a presentation to more than 300 students in attendance at the session took them through the topic, ‘’Growing your Money’’. He advised them to avoid spending money on frivolities. He also counselled them on the need to open bank accounts and develop the habit of saving part of their income, no matter how small.
According to Mr Olojo, ‘’we want our young ones, who are the hope and future drivers of the nation, Nigeria, to understand and appreciate the importance of prudent management of resources for their personal well-being and to ensure their 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.
Parents should also enlighten and inculcate in their children, the attitude of effective management of resources. ‘’By being financially literate, youths will be able to build their capacity for future business endeavours thereby securing their future and guaranteeing freedom from poverty.,You should spread the message of financial inclusion to your friends, family members and others’’’, he concluded.
He added that conscious adoption of these traits of prudence will also help to fast-track the socio-economic growth of the country. The FCMB Group Head, Corporate Affairs restated the commitment of the Bank to ensure that school children understand and appreciate the importance of judicious management of resources as well as other initiatives with the capacity to positively impact lives and by extension, the society.
In her response, the Principal of Federal Government Girls College, Akure, Mrs. Florence Ejikeme, commended the CBN and FCMB in particular for committing both human and financial resources to execute the financial literacy initiative. She described the outreach programme organised by the Bank as, ‘’an eye-opener and empowerment tool not just for students, but also the members of staff of the school’’. I urge the CBN and FCMB to sustain this intervention project, because it could serve as a major solution towards the eradication of poverty in the country. Students will really benefit from this programme as it will help them to make sound financial decisions. We are very grateful to FCMB for this support and see the entire project as an important step in nation building".
The 2016 edition of the Global Money Week and Financial Literacy Day celebration marks the third consecutive year that FCMB is actively participating in the project.
In 2015, FCMB carried out a similar programme when it adopted Government Girls College, Dala in Kano state and went further by renovating and equipping the school hall as part of measures to provide a conducive environment for the students and further enhance the status of the school. Prior to that, In 2014, Community Secondary School, Aka-Offot in Uyo, Akwa Ibom state benefited from the exercise when the Bank organised a mentoring session for the students, renovated the school’s computer centre and donated 30 new computer systems. The gesture deepened the capacity of the students and facilitated their knowledge, skill and proficiency, particularly on the use of information technology devices.
First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments. Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.