E-Financial
Financial Literacy: Stanbic IBTC Educates Preteens, Teenagers
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In a bid to increase financial literacy amongst the younger generation, Stanbic IBTC Holdings PLC, recently held virtual sessions to educate preteens and teenagers on how to develop a savings and investment culture.
Through its New School Money Initiative, the organisation aims to improve and deepen the financial knowledge of Nigerian children.
This year’s event which was held virtually is the fourth in its series and was themed “The Art of Money: Earn, Save and Invest”.
Representatives from Stanbic IBTC shed more light on subjects to distinguish between wants and needs, assets and liabilities as well as the importance of making the right financial decisions. These were communicated using simple relatable videos and illustrations.
The wealth certified professionals demonstrated different ways of achieving financial goals and meeting unexpected needs such as emergency savings, budgeting and investing, amongst others.
A total of 703 participants attended the sessions in the three age categories. 53 wealth facilitators selected across the group from various regions of operations also delivered to the exciting sessions cut across 18 virtual classrooms. Interactions recorded through the sessions were a total of 2,166 comments.
Obinna Lewis-Asonye, Zonal Head, Micro Pension and Agency, Stanbic IBTC Pensions Managers, who anchored one of the sessions, emphasised that earning money is the first step towards financial freedom, followed by budgeting and investing.
He stressed that participants should inculcate a savings plan to enable them to keep their money safe while it grows with interest.
He said: “To get more money, you must limit your withdrawal so that your interest can grow.”
Other representatives of Stanbic IBTC emphasised the need to cultivate the habit of saving and investing as a guarantee towards becoming financially independent.
According to them, it is important to consider the kind of investments that suits your needs, be it long, medium, or short time.
They added that a better future is assured by investing in government bonds, treasury bills, mutual funds and commercial papers, amongst others.
The hosts described the initiative as essential in imparting financial education in the younger generation while strengthening their financial management skills and enhancing their understanding of financial matters. They further encouraged Nigerian children to engage in meaningful ventures to generate income as a first step towards making money.
150 winners emerged across the sessions from the various tasks which were completed and were all awarded with Stanbic IBTC Mutual Funds as prizes.
Speaking on the continuity of the initiative, Bridget Oyefeso-Odusami, Head, Marketing and Communications, Stanbic IBTC Holdings PLC, said that the session will be an annual event as part of the organisation’s goal to continually increase the number of financial literate individuals across the country.
Oyefeso-Odusami highlighted the importance of the initiative, noting that financial literacy should begin from an early stage for easy attainment of financial freedom.
She emphasised the importance of the customers’ journey with respect to the offerings of the organisation being an end-to-end financial services provider.
“One way to build a well-rounded adult is to catch them young. If we can inculcate financial literacy and investment culture into these young ones, we know that we will have financially enlightened adults tomorrow. At Stanbic IBTC, we want a future filled with smart, intelligent and financially enlightened leaders, hence we took this initiative,” she added.
E-Financial
NIBSS Says about 20m Bank Accounts Dormant in Nigeria
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The number of dormant bank accounts in Nigeria is over 19.69 million, according to the industry customer account database released by the Nigeria Inter-Bank Settlement System (NIBBS).
Dormant accounts are accounts that have been inactive for one (1) year or more, while domiciliary are accounts that hold currencies other than the Naira
The data, which tracks monthly account statuses throughout 2024, indicates a steady rise in inactive accounts, coinciding with new regulatory measures by the Central Bank of Nigeria (CBN) requiring commercial banks to publish details of dormant accounts.
The CBN directive, issued to enhance transparency and return unclaimed funds to rightful owners, comes amid concerns that a significant number of accounts have remained idle for extended periods.
According to the NIBSS data, dormant accounts remained above 19 million every month since February 2024, with December closing at 19,697,125 inactive accounts.
This represents an increase of 1,205,000 from January’s figure of 18,492,169, marking a 6.51 per cent rise over the year.
The peak was recorded in May and June when the number reached 20.57 million before dropping slightly in the second half of the year.
The data further shows that there was an increase of 2.08 million dormant accounts between the first six months of 2024 before the CBN’s July directive on such accounts.
Credit: Punch
E-Financial
NAICOM, UNDP, Others to Promote Insurance Literacy, Consumer Protection
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The National Insurance Commission (NAICOM), and the United Nations Development Programme (UNDP) recently took their Insurance Literacy and Consumer Protection Campaign to Wuse Market, Abuja.
NAICOM said the campaign was targeted at educating traders and the general public on the importance of insurance.
The campaign, tagged “Insurance Literacy and Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” also aimed at enhancing financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion among Nigerians.
The UNDP representative, Mrs Bukola Ifemade welcomed participants to the event and expressed appreciation to all stakeholders.
Key points in their discussions include Fire and Special Perils Insurance as a way to compensate traders for losses or damages caused by fire, storms, floods, and impact by vehicles or animals.
They also educated participants on the relevance of Goods in Transit Insurance policy saying it provides immediate financial compensation for losses or damages during transportation.
Accident Insurance policy the campaigners said offers financial compensation for injuries or deaths resulting from accidents. Life Insurance was described as a vital tool for leaving inheritance for dependents in the event of untimely death.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasised NAICOM’s core mandate to protect policyholders and regulate the insurance industry.
Other stakeholders, including the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Nigerian Insurers Association (NIA) also provided guidance on purchasing genuine insurance policies and verifying their authenticity to the participants.
E-Financial
Fidelity Bank’s CSR Initiative Boosts Educational Infrastructure in Benin and Abuja
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Fidelity Bank Plc, a leading financial institution, has once again demonstrated its unwavering commitment to enhancing its host communities’ lifestyles. Through its dedicated education Corporate Social Responsibility (CSR) pillar, the bank recently undertook significant projects aimed at promoting quality education delivery across the country.
In Benin-City, Edo State, Fidelity Bank recently renovated the library at Emotan College, Wire Road. This initiative, which was executed under the auspices of the Fidelity Helping Hands Program (FHHP), was championed by the Phoenix Inductee Class of Fidelity Bank. The FHHP allows Fidelity Bank staff to identify community needs, raise funds, and receive matching support from the bank to implement impactful projects.
At the official handover ceremony, Ovie Mukoro, Regional Bank Head, Midwest 1, Fidelity Bank Plc, highlighted the alignment of the renovation project with the bank’s CSR pillars, emphasizing the promotion of quality education and youth empowerment. Mukoro stated, “The renovation project reflects the Bank’s commitment to enhancing the lives of its host communities through the dedication and generosity of its newly inducted staff who voluntarily contributed funds to support the project.”
The Principal of Emotan Junior College, Mrs. Idukpaye Henrietta, expressed her gratitude, noting that the investment in the school is an investment in the nation’s future. She looked forward to a lasting partnership that would continue to uplift and empower the students. Similarly, Mrs. Sandra Iyalekhue, Acting Education Secretary, Oredo Local Government Education Authority (LGEA), commended Fidelity Bank for the kind gesture, noting that the project would contribute to the educational development of the students and promote research work.
In Abuja, Fidelity Bank further demonstrated its CSR commitment by donating 40 tables and chairs to LEA School at the Federal Capital Territory. This initiative, also executed under the FHHP by the Prodigies Inductees Class, aims to support quality education delivery in a bid to achieve the Sustainable Development Goals (SDG) 4 – Quality Education.
Meksley Nwagboh, Divisional Head, Brand and Communications, Fidelity Bank Plc, emphasized the importance of supporting education as a tool for societal improvement. He stated, “At Fidelity Bank, we recognize the importance of supporting education as a tool for improving society. Through initiatives like this, we aim to ensure that every child has access to essential educational resources and become an asset to their family, their community and the nation.”
The headmaster of LEA School, Mr. Mohamed Musa, expressed his gratitude for the timely intervention, noting that the donation would address the critical need for adequate classroom seating, preventing students from having to sit on the floor during classes. He encouraged other corporations to follow Fidelity Bank’s lead and support quality education delivery.
These initiatives come to join a long list of Fidelity Bank’s interventions in the education sector. It will be recalled that the bank launched the Read2Lead Initiative last year to foster a culture of reading and writing among young people. The bank also hosted a webinar targeted at businesses operating in the education sector, themed, “Maintaining Educational Standards Amidst Current Economic Realities”, in September 2024 as part of its strategy to improve the country’s education system.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards. It was also recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023
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