CBN targets 100% financial inclusion, unveils e-learning platform, SabiMONI

The Central Bank of Nigeria (CBN) has unveiled an e-learning platform, SabiMONI, to promote financial literacy and deepen financial inclusion.

Speaking at the launch on Monday, Godwin Emefiele, governor of CBN, said the platform is a fully digital national e-learning platform that provides a knowledge base for financial literacy.

According to Emefiele, SabiMONI is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.

“The platform is aimed at supporting our efforts toward ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond,” the apex governor said.

“One of the key drivers of financial inclusion today is no doubt financial literacy.

“It is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately, economic growth and development.”

Emefiele said the absence of or low levels of financial literacy constituted an impediment to financial inclusion.

He explained that the pace of financial inclusion is directly related to the level of financial literacy and financial capability.

To address the financial inclusion gaps, the CBN governor said the National Financial Inclusion Strategy (NFIS) 2022, identified increasing adoption and usage of financial services in priority demographics.

He such demographics comprises the most vulnerable segments such as women, youth, micro, small, and medium enterprises (MSMEs) and rural dwellers.

“Especially, the northern part of the country as well as expansion of digital financial services and platforms amongst its strategic priority areas,” Emefiele added.

“To enable us to achieve these, we must take deliberate steps to upscale financial capability through financial education programmes.

“The shortage of skilled and experienced persons to drive financial education remains a major hindrance.

“Interestingly, the National Financial Inclusion Strategy 2022 places high priority on financial and digital learning.

“This will serve as a strategy that would enable the creation of a conducive environment for serving or ensuring the inclusion of the most excluded groups.”

On her part, Rashida Monguno, director of consumer protection, CBN, said financial literacy remained a key driver of financial inclusion globally.

According to Monguno, literacy encompasses knowledge and skills that enable individuals to effectively manage financial resources and enhance their economic wellbeing.

“It also includes trust, confidence, and participation in the formal financial system,” she added.

“Financially literate consumers are always able to make better financial decisions. This is a catalyst for greater financial inclusion and stability of the financial system.”

Monguno said SabiMONI was conceived as an avenue for driving financial education amongst the target segment of the Nigerian population to facilitate financial education programmes for end beneficiaries.

“It will also support efforts at enhancing financial inclusion through digitalisation,” she said.

“With the launch of the SabiMONI platform, we now have a knowledge base where individuals can learn about financial literacy at their own pace from their comfort zones and with ease.”