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CBN Unveils Platform To Deepen Financial Inclusion, Literacy

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Monday, unveiled SabiMoni e-learning platform in the apex bank’s efforts to deepen financial inclusion and literacy.

The initiative also seeks to bridge income inequality, combat poverty and preserve social harmony and ultimately ensure Financial System Stability.

At the official launch of the platform in Abuja at the CBN headquarters, Emefiele described SabiMONI as a fully digital national e-learning platform that provides a knowledge reservoir for financial literacy.

He said the platform was designed to offer individuals an opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.

“The SabiMONI portal will serve as a repository of information not only for learners but also for researchers in the most effective manner. The platform is also aimed at supporting our efforts towards ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond. One of the key drivers off 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 stated.

He referenced the EFInA Access to Finance Report, which indicated that Nigeria has a high rate of financial exclusion when compared to its peers in the Sub-Saharan Africa (EFInA A2F 2020).

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“To address the financial inclusion gaps, the National Financial Inclusion Strategy 2022, identifies increasing adoption and usage of financial services in priority demographics comprising of the most vulnerable segments such as women, youth, MSMEs, rural dwellers and especially, the northern part of the country as well as expansion of Digital Financial Services and Platforms amongst its strategic priority areas.

“To enable us to achieve these, we must take deliberate steps to upscale financial capability through financial education programs. The shortage of skilled and experienced persons to drive financial education remains a major hindrance.

“There is no gain saying the fact that the SabiMONI Financial Literacy e-Learning Platform will enable us to drive financial education physically through the Certified Financial Literacy Trainers at the locations where it is most needed. It will enable us to drive Digital Financial Literacy thereby boosting consumer confidence in the uptake and utilization of Digital Financial Services”, he added.

Emefiele listed the development, technical and implementation partners to include; the German Agency for International Development (GIZ); the Federal University of Technology, Minna, Niger State; the Nigeria Inter Bank Settlement System (NIBSS); Federal Ministry of Youth and Sports Development; National Youth Service Corps (NYSC); Shared Agent Network Expansion Facility (SANEF); Mercy Corps; Bankers Committee Sub-Committee on Financial Literacy and Public Enlightenment and other members of the Financial Literacy Working Groups.

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In her remarks at the event, the Director, Consumer Protection Department of CBN, Mrs Rashida Monguno said the platform seeks to improve the low financial literacy penetration currently standing of 64.1 per cent.

She said the reason for the poor score may not be unconnected with shortage of skilled financial literacy trainers and limited avenues or channels for financial education.

“Latest results from the Access to Finance Survey by Enhancing Financial Innovation and Access (EFInA) suggest that the low level of financial literacy continues to constitute a barrier to financial inclusion.

“The SabiMONI was conceived of as an avenue for driving financial education amongst the target segment of the Nigerian population that would facilitate financial education programs for end beneficiaries. It will also support efforts at enhancing financial inclusion through digitalization. It would serve as a channel for propagating Digital Financial Literacy thereby ramping up adoption and usage of Digital Financial Services”, she explained.

Source: Sun

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