Stanbic IBTC Bank, in partnership with the Creative Youth Community Development Initiative, a Wole Soyinka Foundation, has organised a financial literacy forum for students of Covenant University, Ota, Ogun State.
The bank said in a statement that the forum was organised in a bid to impact financial knowledge on Nigerian youths as the students would be taken through basic issues in finance, banking and the economy.
The bank said the forum was perfectly fitted into the financial literacy initiative of the Central Bank of Nigeria, which was designed to encourage children and young adults in schools to understand the rudiments of money and its uses.
The Head, Personal Banking, Stanbic IBTC Bank, Nkoli Okoli, who was represented by the Head, Retail Sales, Stanbic IBTC Asset Management Limited, Obinna Lewis-Asonye, stated, noted that as the future belonged to the youth, it was imperative that they be grounded in financial matters to enhance the making of sound financial decisions and achieve lifetime financial security.
She said, “Nigeria’s banking industry will continue to grow in sophistication, innovation and strength as the youth demography becomes significant in driving the future of banking in the country. Such impact can only be made when the youth are more enlightened.
“Something as simple as saving money may seem easy, but without a grasp of financial management, an individual may never develop the habit of making sound financial choices.”
Okoli added that there was a need for students to understand what money was and how to acquire basic money management skills such as living within a budget and handling credit and debt.
She noted that the bank was available and ready to support every segment of the society through the various life stages.
“Everything we do as an organisation is tailored towards helping individuals and businesses move from where they are to the next level. We know that a remedy for financial illiteracy is to start practising financial discipline from a young age and that with the right financial knowledge, the future generation will be able to make informed decisions and move themselves forward,” she added.