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Financial Literacy: CBN activates ‘SabiMONI’ e-learning platform to promote financial inclusion

Mr. Godwin Emefiele, Governor of CBN

*The Central Bank of Nigeria has launched the new initiative as a fully digital national e-learning platform for financial education programmes cum knowledge base to facilitate ‘financial literacy and deepen financial inclusion’ among the underserved consumers in the country’s ecosystem

Gbenga Kayode | ConsumerConnect

In order to promote financial literacy and deepen financial inclusion among the underserved consumers in the ecosystem, the Central Bank of Nigeria (CBN) has unveiled an initiative christened ‘SabiMONI’, an e-learning platform.

Mr. Godwin Emefiele, Governor of CBN, while speaking at the ceremony held Monday, in Abuja, FCT, disclosed the new platform is a fully digital national e-learning platform that provided a knowledge base for financial literacy.

Emefiele explained SabiMONI is aimed at providing individuals with an opportunity to be trained and become Certified Financial Literacy Trainers (CFLT) through self-service.

The CBN Governor also stated: “The platform is aimed at supporting our efforts towards ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond.

“One of the key drivers of financial inclusion today, is no doubt financial literacy.”

He noted that the financial literacy is “a prerequisite for greater financial inclusion, which will lead to the stability of the financial system and ultimately economic growth and development.”

The absence of or low levels of financial literacy has constituted an impediment to financial inclusion in the West African country, said he.

Emefiele further stressed: “In other words, the pace of financial inclusion is directly related to the level of financial literacy and financial capability.”

Addressing financial inclusion gaps in Nigeria

As part of effort at addressing the financial inclusion gaps in the ecosystem, Emefiele noted that the National Financial Inclusion Strategy 2022 identified increasing adoption and usage of financial services in priority demographics.

According to him, such demographics comprised the most vulnerable segments, including women, youths, Micro, Small and Medium Enterprises (MSMEs) and rural dwellers.

He also said: “And especially, the Northern part of the country as well as expansion of digital financial services and platforms were amongst its strategic priority areas.

“To enable us to achieve these, we must take deliberate steps to upscale financial capability through financial education programmes.”

Challenges of promoting financial education

The Bankers’ Bank as well stated: “The shortage of skilled and experienced persons to drive financial education remains a major hindrance. Interestingly, the National Financial Inclusion Strategy 2022 places high priority on financial and digital learning.

Emefiele as well added “this (SabiMONI) 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.”

Financial literacy is a key driver of financial inclusion -CBN Director of Consumer Protection

Speaking at the ceremony, Mrs. Rashida Monguno, Director of Consumer Protection Department at CBN, also emphasised that financial literacy remained a key driver of financial inclusion globally.

Mrs. Monguno noted that financial literacy encompasses knowledge and skills that enable individual consumers to effectively manage financial resources to enhance their economic well-being.

The Director of Consumer Protection said: “But it also includes trust, confidence, and participation in the formal financial system.

“Financially literate consumers are always able to make better financial decisions.

“This is a catalyst for greater financial inclusion and stability of the financial system.”

The need for more skilled financial literacy trainers

The Director of Consumer Protection disclosed the penetration of financial literacy in Nigeria is still low at the current rate of 64.1 percent.

Monguno also explained: “This, no doubt, may not be unconnected with shortage of skilled financial literacy trainers and limited avenues or channels for financial education.

“Latest results from the Access to Finance Survey by Enhancing Financial Innovation and Access (EFInA) suggest that the low level of financial literacy continues to constitute a barrier to financial inclusion.”

As regards the objectives of the new e-learning SabiMONI platform, she stated that initiative was conceived as an avenue for driving financial education among the target segment of the Nigerian population to facilitate financial education programmes for end beneficiaries.

“It will also support efforts at enhancing financial inclusion through digitalisation.

Mrs. Monguno said: “It would serve as a channel for propagating Digital Financial Literacy thereby ramping up adoption and usage of Digital Financial Services.

“With the launch of the SabiMONI platform, we now have a knowledge base where individuals can learn about financial literacy at their own pace from their comfort zones and with ease.”

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