FCMB Advocates Financial Literacy, Savings Culture Among Students; Adopts School In Kano

First City Monument Bank (FCMB) Limited has again demonstrated its commitment towards youth empowerment and development by organising a fully interactive session on Financial Literacy for students of Government Girls College, Dala and the unbanked in Kano state.

This, according to the bank, was part of its contributions towards securing the future of youths, through the adoption of savings and investment culture, by expanding their knowledge base on financial literacy and its principles.

The mentoring session, which was anchored by the Executive Director, Abuja/North of the Bank, Mr. Adam Nuru, took place at the school on Thursday, 12th March, 2015 as part of activities commemorating the 2015 Global Money Week and Financial Literacy Day celebration.

An initiative of the Bankers Committee in collaboration with the Central Bank of Nigeria (CBN), the financial literacy programme is focused on educating youths in Nigeria on the economic environment, impressing upon them the importance of saving, entrepreneurship and financial creation with a view to empowering the next generation to be self-reliant and money savvy global citizens.

Nuru, who took the over 200 students that attended the session through the topic, ‘’Growing your Money’’, advised them to avoid spending money on frivolities.

He counselled them on the need to open account and develop a habit of saving part of their income, no matter how small. ‘’Saving your money in a box, wallet or home is a good starting point. However, this method of saving does not grow your money. Money saved at home should be transferred to a financial institution or invested after a while. This reduces the risk of spending, theft and gives your money the chance to grow’’, he stated.

According to him, FCMB is determined to ensure that the young ones understand and appreciate the importance of prudent management of resources.

He pointed out that, ‘’by being financially literate, youths will be able to build their capacity for future business endeavours thereby securing their future and be free from poverty’’, adding that this will also help to fast-track socio-economic growth of the country.

Nuru announced that FCMB has adopted the school for a full year financial literacy programme support, part of which will involve the participation of the bank’s staff in providing tutoring to the students and other support activities during the period. In addition, he also announced that the bank will renovate the school hall as part of measures to provide a conducive environment for the students and further enhance the status of the school.

In her response, the Principal of Government Girls College, Dala, Hajiya Aishatu Ahmed Tukur, commended the CBN and FCMB in particular for committing both human and financial resources to bring the financial literacy initiative to life.

She described the project as an important step in nation building, saying if maintained could serve as the much needed solution towards the eradication of poverty in the country.

According to her, “the students will really benefit from this programme as it will serve as a kind of career guidance, source of empowerment and skill acquisition in order to make sound financial decisions and right choice of occupation in life. We are very grateful to CBN and FCMB for this intervention”.

Last year, FCMB carried out a similar project in Akwa Ibom state when it adopted Community Secondary School (CSS), Aka-Offot in Uyo, the state capital.

Beyond organising a mentoring session for the students on financial literacy, the bank went further by renovating the school’s computer library and donated 30 new computer systems to the school.

The gesture is aimed at building the capacity of the students to facilitate knowledge and skill, particularly on the use of information technology devices.

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