CBN to use mosques, churches for financial literacy

The Central Bank of Nigeria (CBN) says it will partner with churches and mosques to improve the financial knowledge of citizens.

Kofo Salam-Alada, the bank’s director, consumer protection department, said the apex bank has organised outreach programmes with faith-based organisations.

Financial Literacy otherwise called financial education is a possession of skill or knowledge which allows an individual to make informed decisions with his resources.

Financially literate people have the ability to efficiently use resources for self-sufficiency and have the capacity to distinguish between needs and wants.

He said the CBN decided to use such religious organisations because of the spiritual and religious nature of most Nigerians.

“CBN is now partnering with faiths based organisations like churches and Islamic organisations on the Train-the-Trainers to promote this programme,” he told NAN in an interview.

“We are developing a lot of materials on this and we have also trained a lot of master trainers on this project.

“Financial literacy is important because it helps individuals to make investment decisions and equally help in planning for retirement.”

Salam-Alada said being financially literate is different from acquiring normal education as some people were educated but financially illiterate.

According to him, CBN is ready to work with any organisation willing to set up an in house financial literacy programme.

He further stated that when financial literacy was achieved, it would help to boost financial inclusion in the country.