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The Central Bank of Nigeria (CBN), on Monday unveiled an e-learning platform, SabiMONI, to promote financial literacy and to deepen financial inclusion.
Speaking at the ceremony, the CBN Governor, Mr Godwin Emefiele, said that the platform was a fully digital national e-learning platform that provided a knowledge base for financial literacy.
According to him, SabiMONI is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.
“The platform is aimed at supporting our efforts toward 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.
“It is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately economic growth and development,” he said.
Emefiele said that the absence of or low levels of financial literacy constituted an impediment to financial inclusion.
According to her, it encompasses knowledge and skills that enable individuals to effectively manage financial resources to enhance their economic well-being.
“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.’’ she said.
She said that penetration of financial literacy in Nigeria was still low, with a current rate of 64.1 per cent.
“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,” Monguno said.
She said that SabiMONI was conceived as an avenue for driving financial education amongst 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.
“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 financially literacy at their own pace from their comfort zones and with ease,” she said.
According to Mrs. Aisha Ahmad, Deputy Governor, Financial System Stability of the CBN, the platform is aimed at supporting efforts toward ramping up the number of experts that can be used to drive financial education.
Ahmad said that one of the key drivers of financial inclusion was financial literacy.
“It is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately economic growth and development.
“Research has shown that the absence of or low levels of financial literacy constitutes an impediment to financial inclusion.
In other words, the pace of financial inclusion is directly related to the level of financial literacy and financial capability,” she said.(NAN)
