The Central Bank of Nigeria (CBN) has introduced SabiMONI, an e-learning platform, to foster financial literacy and deepen financial inclusion,” announced CBN Governor Godwin Emefiele.
Emefiele described SabiMONI as a fully digital national e-learning platform designed to serve as a knowledge base for financial literacy. The platform’s objective is to provide individuals with the opportunity to undergo training and become Certified Financial Literacy Trainers (CFLT) through a self-service approach.
He emphasized the significance of financial literacy as a key driver of financial inclusion. “It is a prerequisite for greater financial inclusion, which would lead to the stability of the financial system and ultimately economic growth and development,” he stated.
Emefiele further explained that the level of financial literacy directly influences the pace of financial inclusion. To bridge the gaps in financial inclusion, the National Financial Inclusion Strategy 2022 aims to enhance the adoption and usage of financial services, particularly among vulnerable groups such as women, youth, MSMEs, and rural dwellers.
“To achieve these goals, we must actively enhance financial capability through financial education programs. However, the shortage of skilled and experienced individuals to drive financial education remains a major obstacle,” Emefiele added.
Rashida Monguno, Director of Consumer Protection at CBN, highlighted the global significance of financial literacy in driving financial inclusion. She emphasized that financial literacy encompasses knowledge, skills, trust, confidence, and participation in the formal financial system, enabling individuals to make informed financial decisions and ultimately leading to greater financial inclusion and stability.
Monguno acknowledged that financial literacy in Nigeria remains low, with a current rate of 64.1%. She attributed this to a shortage of skilled financial literacy trainers and limited avenues for financial education. The Access to Finance Survey by Enhancing Financial Innovation and Access (EFInA) also revealed that low financial literacy continues to be a barrier to financial inclusion.
SabiMONI was conceived as a platform to drive financial education and facilitate financial education programs for the target population, according to Monguno. She stated, “It will also support efforts to enhance financial inclusion through digitalization, acting as a channel to promote digital financial literacy and increase the adoption and usage of digital financial services.”
Deputy Governor Aisha Ahmad, responsible for Financial System Stability at CBN, echoed the sentiments regarding financial literacy as a crucial driver of financial inclusion, stability, and economic growth. She emphasized the direct correlation between the level of financial literacy and the pace of financial inclusion.
Ahmad reiterated, “The absence or low levels of financial literacy constitute an impediment to financial inclusion.”
NAN
