CBN launches initiative to advance financial literacy

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CBN introduces a platform to advance finIn an effort to boost financial inclusion and promote financial literacy, the Central Bank of Nigeria unveiled SabiMONI on Monday.

The CBN Governor, Mr. Godwin Emefiele, said in a speech at the event that the platform was a fully digital national e-learning platform that offered a knowledge base for financial literacy.


He claims that the purpose of SabiMONI is to give people the chance to receive training and become Certified Financial Literacy Trainers through self-service.

The platform is intended to support our initiatives to increase the number of experts who can be used to advance financial education across the nation and possibly abroad.

Financial literacy is without a doubt one of the main forces behind financial inclusion today.

The stability of the financial system and, ultimately, economic growth and development, depend on it, he said. “It is a prerequisite for greater financial inclusion.”

According to Emefiele, a barrier to financial inclusion is the lack of or poor levels of financial literacy.

In other words, the degree of financial capability and literacy has a direct impact on how quickly financial inclusion occurs.

According to him, the National Financial Inclusion Strategy 2022 identified increasing adoption and usage of financial services in priority demographics as a way to address the gaps in financial inclusion.

According to him, these demographics included the most at-risk groups, including women, young people, MSMEs, and people who live in rural areas.

And in particular, the expansion of digital financial services and platforms, as well as the Northern region of the nation, are among its strategic priority areas.

“We must take deliberate steps to upscale financial capability through financial education programs in order for us to be able to achieve these.

“A significant barrier still exists in the lack of qualified and experienced individuals to lead financial education.

It’s interesting to note that financial and digital learning are given top priority in the National Financial Inclusion Strategy 2022.

“This will serve as a strategy that would enable the creation of a conducive environment for serving or ensuring the inclusion of the most excluded groups,” the speaker said.

Financial literacy continues to be a significant global driver of financial inclusion, according to Mrs. Rashida Monguno, Director of Consumer Protection at the CBN.

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She claims that it includes the knowledge and abilities that allow people to effectively manage their financial resources in order to improve their economic well-being.

“However, it also entails participation in the legal financial system as well as trust and confidence.

“Consumers who are financially literate are always capable of making better financial decisions. This is a driving force behind increased financial inclusion and financial system stability, she said.

With a current rate of 64.1%, she claimed that financial literacy was still not widely spread in Nigeria.

“This, without a doubt, may not be unrelated to the dearth of knowledgeable financial literacy instructors and the constrained opportunities or channels for financial education.

The lack of financial literacy continues to be a barrier to financial inclusion, according to the most recent Access to Finance Survey findings by Enhancing Financial Innovation and Access, Monguno said.

According to her, the goal of SabiMONI was to facilitate financial education programs for end beneficiaries by promoting financial literacy among the targeted segment of the Nigerian population.

Additionally, it will aid initiatives to increase financial inclusion through digitalization.

In order to increase the adoption and usage of digital financial services, it would act as a channel for the dissemination of digital financial literacy.

With the introduction of the SabiMONI platform, she added, “we now have a knowledge base where people can easily and at their own pace learn about financial literacy.”

The platform, according to Mrs. Aisha Ahmad, Deputy Governor, Financial System Stability of the CBN, is intended to support initiatives aimed at increasing the pool of professionals who can be used to spearhead financial education.

Financial literacy, according to Ahmad, is one of the main forces behind financial inclusion.

It is a requirement for greater financial inclusion, which would bring about financial system stability and, subsequently, economic growth and development.

According to research, financial inclusion is hampered by a lack of or low level of financial literacy.

In other words, the degree of financial capability and literacy has a direct impact on the rate of financial inclusion, the expert literacy

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