In commemoration of this year’s Financial Literacy Day, Managing Director, Ecobank Nigeria, Patrick Akinwuntan took out time to mentor students and teachers at Ahmadu Bahago Secondary School, Minna, Niger State.
Akinwuntan on the occasion stated that students should be thought and encouraged to imbibe the right skill at an early age to prepare them for choice jobs and also inculcate in them the necessary skills and ability to set up their own businesses. He also pointed out that financial literacy at an early age is a must for the younger population to be productive in future.
The Financial Literacy Day initiative is set up by the Bankers’ Committee through its Financial Literacy and Public Enlightenment Sub-Committee (FLSC) for children and youths in primary and secondary schools, public and private nationwide with the aim to educate them on financial literacy. Top management of the Bank went to different schools to tutor and mentor students and youths on basic money management skills.
In his presentation entitled: Learn. Save. Earn, the Ecobank Managing Director who was represented by Head, Corporate Banking, FCT/North, Isah Salifu enjoined the students to imbibe basic financial principles at an early stage of their life which will help them to manage their resources effectively in the future. He took the students through several topics such as needs and wants; money management techniques; budgeting; spending and saving; different types of financial accounts; merits of saving with a financial Institution; Important banking terms and regulators of the financial sectors, among others.
The bank’s Managing Director, who also spoke on budget principles as a way to enhance financial planning said “budgeting can help you to distinguish between wants and needs. It is creating a plan for how you spend your money. Writing down how much you have and how much the things you need will cost, allows you to see what is left over for the things you want. It also stops your impulse purchases and help you to save.”
Responding, the Principal of the school, Alhaji Abdul Aliyu commended Central Bank of Nigeria (CBN) and Ecobank for choosing the school, stating that they would put to use what they were taught. He noted that the “interactive session provided opportunity for the students and teachers to ask pertinent questions about financial literacy and its benefits”.
Over 80 students attended the training while three students were presented with prizes. On ground also was a team from an NGO, Ja-Nigeria Ltd, CBN partner in the project led by Mr Mavi Utomudo.