This is Money
‘Prepare yourself for the future through savings’
First City Monument Bank (FCMB) has tasked youths in Nigeria to key into the financial system by adopting savings culture and other financial management techniques that would help secure their future. The Bank made the clarion call at an outreach programme it organised for thousands of students in thirty secondary schools spread across the six geo-political zones in Nigeria to commemorate this year’s World Savings Day held on October 31, 2017.
The highly exciting and educative mentoring sessions, which are in line with FCMB’s Corporate Social Responsibility (CSR) and sustainability philosophy, were anchored by top executives of the Bank at the thirty schools. This is the second consecutive year the lender is carrying out this exercise in partnership with the Bankers’ Committee of the Central Bank of Nigeria (CBN), under the theme, ‘’Learn, Earn, Save’’. Last year, FCMB executed a similar programme in twelve schools nationwide.
The World Savings Day is aimed at teaching and reinforcing the key fundamentals of financial literacy, savings culture as well as entrepreneurial skills in the youth. This is part of the Bank’s strategic contributions towards securing the future of young Nigerians by encouraging the adoption of savings and other financial management techniques at an early age to enhance their general well-being.
Speaking during the mentoring session for students of Holy Child Girls College, Calabar in Cross River State, FCMB’s Manager, Calabar Road branch, Charles Emefiele, said that imbibing financial principles at an early age will go a long way to help students and young ones manage their resources effectively, appreciate how money works and how it can be channeled to productive ventures now and in the future. ‘’When you regularly put aside a portion of the money you are given or earn in a safe place that pays interest, this is what is known as savings. Saving money from early age guarantees financial independence, prudent management, planning and overall success of individuals and society’’, he explained.
Emefiele further told the students that, ‘’the money saved should be placed in a financial institution for safekeeping and to earn interest on your money. This reduces the risk of spending, theft and gives your money the chance to grow’’.
Also mentoring the students of Government Science School in Lafia, Nasarawa State, the Manager, Lafia branch of FCMB, Ibrahim Ogah, pointed out that,‘ ’by being financially literate, students and indeed youths will be able to build capacity for future business endeavors, thereby securing their future and guaranteeing freedom from poverty’’. He advised the students to pass the message to their friends, parents and other family members.
Commenting on the significance of FCMB’s involvement in the annual World Savings Day, the Group Head, Corporate Affairs of the Bank, Diran Olojo, said that it is an extension of its commitment to drive and deepen prudent and effective management of resources among the populace, especially youths. ‘’We want our young ones, who are the hope and future drivers of Nigeria, to understand and appreciate the importance of prudent management of resources and other initiatives that have the capacity to positively impact lives and by extension, the society. This is to ensure their financial security and independence in future’’, he added.
Olojo assured that FCMB will sustain its support to the promotion of financial literacy and inclusion because, ‘’this is one of the most effective ways to build and empower a new community of Nigerians and a robust country through the very important initiative’’.
Over the years, FCMB has been actively involved in the efforts towards enhancing financial literacy and inclusion among various segments of the population by organising mentoring and capacity building programmes.
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