Financial Literacy is an important step in promoting Financial Inclusion. It is an action geared towards bridging the gap between the banked and un(der)banked. In a determined effort to reduce the number of financially excluded individuals in Nigeria, the Central Bank of Nigeria has set a target of achieving at least 80 percent inclusion of the adult population by the year 2020. The strategy is to drive financial inclusion through commercial and micro finance banks pan Nigeria that are nearer to the people. With 70 percent of adult women in Nigeria still unbanked, Diamond Bank sees financial inclusion for women as a goal that must come to fruition.
Speaking recently at an event tagged “BETA WOMAN BETA NAIJA” organized by Diamond Bank Plc in partnership with Amazing Amazon in Kaduna, Uche Ben-Uzoebo, group head, Agency & Merchant Services, Diamond Bank, highlighted the objectives of the event, which was to enlighten the women on the importance of savings; help them understand the value of accessing formal financial services; and aid them in planning to meet their financial goals through one of the Bank’s Financial Inclusion products – BETA Savings Account.
The women in Kaduna trooped in droves to Arewa House, the venue of the event, to witness this initiative first hand. Several Northern celebrities and social media influencers, and entertainers with huge followership from Kannywood were in attendance to grace the occasion.
The event was introduced with a drama/play themed “Your Money is Always Safe in Diamond Bank”, which focused on saving wisely through the formal financial sector in a BETA savings to avoid indelible loss. The informal saving methods such as Adashi and Ajiya where a local money collector goes around to collect daily savings has no guarantee. The women were educated on choosing the better (BETA) way to save.
Gender is a vital consideration when discussing Financial Literacy. Women are highly capable, prudent and have a strong savings culture. However, they have a harder time achieving this objective than men because they struggle to earn enough.
Ben-Uzoebo added that, “The BETA Proposition seeks to address convenience and access, which are the two major issues cited by many women in Nigeria as barriers to entry into formal financial services. With over 700,000 accounts opened – the bulk of them women, the bank is already seeing the positive impact of the BETA proposition”.
Tags: Diamond Bank
, financial inclusion in Nigeria
, Financial literacy
, WOMEN EMPOWERMENT