E-Financial
CBN unveils “SabiMONI” platform to promote financial literacy, inclusion
Central Bank of Nigeria (CBN), on Monday unveiled an e-learning platform, SabiMONI, to promote financial literacy and to deepen financial inclusion, according to a report by News Agency of Nigeria.
Speaking at the ceremony, Mr Godwin Emefiele, CBN Governor, said that the platform was a fully digital national e-learning platform that provided a knowledge base for financial literacy.
According to him, 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.
“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,” he said.
Emefiele said that the absence of or low levels of financial literacy constituted an impediment to financial inclusion.
“In other words, the pace of financial inclusion is directly related to the level of financial literacy and financial capability.’’
He said that to address the financial inclusion gaps, the National Financial Inclusion Strategy 2022, identified increasing adoption and usage of financial services in priority demographics.
He said that such demographics comprised of the most vulnerable segments such as women, youth, MSMEs and 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 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,” he said.
Mrs Rashida Monguno, Director of Consumer Protection, CBN, said that financial literacy remained a key driver of financial inclusion globally.
According to her, it encompasses knowledge and skills that enable individuals to effectively manage financial resources to enhance their economic well-being.
“But it also includes trust, confidence, and participation in the formal financial system.
“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.’’ she said.
She said that penetration of financial literacy in Nigeria was still low, with a current rate of 64.1 per cent.
“This, no doubt, 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,” Monguno said.
She said that 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.
“It would serve as a channel for propagating Digital Financial Literacy thereby ramping up adoption and usage of Digital Financial Services.
“With the launch of the SabiMONI platform, we now have a knowledge base where individuals can learn about financially literacy at their own pace from their comfort zones and with ease,” she said.
According to Mrs. Aisha Ahmad, Deputy Governor, Financial System Stability of the CBN, the platform is aimed at supporting efforts toward ramping up the number of experts that can be used to drive financial education.
Ahmad said that one of the key drivers of financial inclusion was 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.
“Research has shown that the absence of or low levels of financial literacy constitutes an impediment to financial inclusion.
In other words, the pace of financial inclusion is directly related to the level of financial literacy and financial capability,” she said.
Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.
SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.
The CBN gave the warning in a statement signed by Hakama Sidi-Ali, acting director of corporate communications department, on Tuesday in Abuja.
The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.
According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested assistance towards releasing the funds to them,” She said.
“The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable.”
Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.
“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.
“For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities.
“Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”
The CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.
She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.
Federal Government is to establish a National Youth Development Bank and a Youth Data Bank, according to President Bola Tinubu.
President Bola Tinubu, represented by Kashim Shettima, his vice, , disclosed this at a Stakeholders Roundtable on Northern Youth Development organised by the Sir Ahmadu Bello Memorial Foundation, in Abuja.
The President described the banks as crucial tools for “providing financial and informational support to young Nigerians.”
He said since assumption of office, his administration unveiled a comprehensive youth development strategy spanning multiple key sectors to drive Nigeria’s economic transformation.
Tinubu extolled the legacy of the late Sardauna of Sokoto and former Premier of Northern Nigeria, Ahmadu Bello
” The late Sir Ahmadu Bello, the Sardauna of Sokoto, was one of the towering giants on whose shoulders we have ascended as a nation.
” His vision was clear: the North cannot progress in isolation, and Nigeria cannot prosper unless every part of this nation thrives,” he said.
Tinubu declared that the development of Northern Nigeria remains fundamental to the nation’s prosperity.
According to him, “whatever disrupts the growth of one region sets back the entire nation.
“For far too long, we have been taunted as a nation with the most children out of school—a reality that should not elicit pride but provoke urgent action.
“This alarming statistic has turned the promise of our population into a challenge rather than the dividend it ought to be,” he added.
In a move that signposts its market leadership, Africa’s fastest-growing financial institution, Moniepoint has been recognized as the Financially Inclusive Fintech of the Year at the 2nd International Financial Inclusion Conference (IFIC).
This prestigious event which was hosted by the Central Bank of Nigeria (CBN) had in attendance, several key stakeholders in the financial services industry that include Deputy Governor, Financial System Stability, Central Bank of Nigeria, Philip Ikeazor, Director-General, National Pension Commission (PenCom), Omolola Oloworaran, Country Manager and Area Business Head for West Africa, Mastercard, Folasade Femi-Lawal, and Chairman of Committee of e-Business Industry Heads (CeBIH), Ajibade Laolu-Adewale among others.
Themed “Inclusive Growth: Harnessing Inclusion for Economic Development,” this year’s conference brought together global experts, policymakers, and industry leaders to explore strategies for advancing financial access and fostering economic development.
Moniepoint’s stellar contributions and nationwide impact in promoting financial inclusion across underserved communities were celebrated alongside its innovative products and solutions that bridge gaps and provide a secure, fast and transparent way to access digital financial services .
In addition to this accolade, in recent weeks Moniepoint has received several other industry awards, further cementing its position as a leader in driving financial inclusion and economic empowerment across Nigeria.
Commenting on the awards and wins, CEO Moniepoint Inc, Tosin Eniolorunda said “these recognitions underscore our commitment to engineering financial happiness via solutions that empower individuals, small businesses and communities at large. At Moniepoint, we believe that financial inclusion is not just a goal but a necessary foundation for sustainable economic growth and development. We are honored to contribute and support the Federal Government’s aspirations and agenda to become a trillion dollar economy by 2030 and we remain dedicated to making a meaningful impact.”
He continued, “the laurels and accolades are a strong validation of the hard work and dedication that our DreamMakers put into powering the dreams of millions of Nigerians, and it will continue to fuel our passion for driving excellence in Nigeria’s financial services sector. It’s just Day One for us and we will continue to develop solutions that make financial services more accessible to all.”
Scoring an uncommon hattrick, Moniepoint Inc was listed for the third year in a row in the seventh edition of CB Insights annual Fintech 100, a list of the 100 most promising private fintech companies in the world and described as high-momentum companies shaping the future of financial services.
At the prestigious BusinessDay Banks & Other Financial Institutions BAFI Awards 2024, now in its 12th year, which highlights excellence and innovation within the financial services sector and celebrates the institutions that have set new standards in performance, customer service, and leadership, Moniepoint Microfinance Bank won the award for “SME Microfinance Bank of the Year” and Tosin Eniolorunda emerged as the Fintech CEO of the Year.
At the Phillips Consulting (pcl.) Digital Jurist Awards 2024, which celebrates the remarkable achievements of organizations that have exemplified innovation and excellence in leading digital transformation across various sectors in Nigeria, Moniepoint was recognised for Best Digital and Best Website in the Microfinance Bank sector, while winning the award for the Overall Best OFI in Digital Banking Solution Delivery (Vision Category) at the NEXUS 2024 Gala and Awards Night organized by Qore, a leading fintech infrastructure and Banking-as-a-Service platform provider.
Moniepoint Inc. is Africa’s all-in-one financial ecosystem, helping 10 million businesses and individuals access seamless payments, banking, credit, and business management tools since 2019. As Nigeria’s largest merchant acquirer, it powers most of the country’s Point of Sale (POS) transactions. Through its subsidiaries, Moniepoint Inc. processes $17 billion monthly for its customers while operating profitably.
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