Banking

Banks engage children, youth on imperatives of savings

by HOPE MOSES-ASHIKE

March 21, 2018 | 1:17 am
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Global money week ended on Sunday March 18, 2018 with some deposit money banks dedicating their time and resources to engage school children and youth on financial literacy.

The Global Money Week is an annual global celebration, initiated by Child and Youth Finance International (CYFI), with local and regional events and activities aimed at raising awareness of the importance of financial education and financial inclusion for children and youths.

Some of the banks that participated in the 2018 global money week with the theme, ‘Money Matters Matter’ included Stanbic IBTC bank, Access Bank, Wema Bank and First Bank of Nigeria.

These financial institutions took time to teach the children the imperatives of savings, investments and other financial concepts.

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings PLC, has raised the bar in financial literacy education while commemorating this year’s Financial Literacy Day 2018 as part of activities lined up to mark the Global Money Week 12 – 18 March, 2018. The bank moved the full apparatus of its mobile ATM van from Lagos to Ibadan Grammar School, one of the 31 allocated schools across the country where senior executives of the bank, including its chief executive, made presentations to students on financial literacy.

Chief Executive, Stanbic IBTC Bank, Demola Sogunle, while making a presentation entitled “Money Matters, Matter” at Ibadan Grammar School, Molete, Ibadan, Oyo State, stated that exhibiting exemplary financial discipline and independence as adults can only be possible if students and young adults inculcate the indispensable fundamentals in financial knowledge while still in the mouldable stage of life.

He said the importance of financial literacy cannot be overemphasised and went further to advise the students on the need to have a good understanding of basic money management skills such as living within a budget and to always define and differentiate their needs and their wants, which undoubtedly will put them in good stead for better management of finances and future success.

The session touched on topics like how to start saving, benefits of saving, knowledge and planning skills. Some of the students who answered questions correctly during the question and answer session were presented with different ranges of prizes. Amongst them were 10 lucky students who received Automated Teller Machine (ATM) enabled Stanbic IBTC Gift Cards preloaded with cash and who experienced first-hand financial services offered by the bank through the instant activation of their cards and cash withdrawals on Stanbic IBTC Bank mobile ATM van.

“This initiative is meant to positively impact the lives of these students as what you experience and feel for yourself as compared to what you are told often stay with you for a lifetime and you tend to continue to relive those moments. Many of these children see bank ATMs located across the city but have never operated one, so the mobile ATM van here on ground gives them a rare opportunity to experience financial service. More importantly, we recognise that practical knowledge always outweighs theoretical knowledge,” Sogunle stated, adding, “Our intension is to equip these students to be able to make smarter, more informed decisions than the generations before them. The knowledge that we have impacted in them today will surely place them ahead in the learning curve.”

HOPE MOSES-ASHIKE


by HOPE MOSES-ASHIKE

March 21, 2018 | 1:17 am
  |     |     |   Start Conversation

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