9 Payment Service Bank (9PSB), a leading digital payment service provider committed to advancing financial inclusion in Nigeria, observed World Savings Day 2024 by conducting a financial literacy and mentorship programme for students at Fountain Heights Secondary School in Surulere, Lagos.

This initiative aligns with the Central Bank of Nigeria’s (CBN) directive for all financial institutions to implement financial literacy programmes aimed at students, youth, and the public. The goal is to instill a culture of financial discipline, savings, and prudent money management practices among Nigerians.

At the event, Tolani Jemi-Alade, Chief of Business Planning, Operations, and Resources at 9PSB, addressed the students, underscoring the importance of cultivating positive financial habits, particularly considering economic uncertainties. She stressed the need for young individuals to integrate into the formal financial system, stating,

“We encourage every young person with a regular income to open a bank account as an essential step towards financial independence and savings for future needs. Money is necessary for day-to-day transactions and to manage unforeseen circumstances. Early planning is crucial, as these needs are inevitable.”

Tolani further highlighted the significance of World Savings Day, as championed by CBN, which aims to raise awareness of financial literacy and promote a culture of saving, particularly among students and youth. She emphasized the importance of understanding and leveraging formal financial services for long-term financial security.

Oladimeji Saka, Lead for Retail Banking and Customer Acquisition at 9PSB, echoed these sentiments, noting that financial literacy should begin at an early age. He advised that parents play an instrumental role in guiding their children through transitional stages to adulthood, equipping them with the necessary financial knowledge to manage their finances responsibly.

In his remarks, the Vice Principal Academics, Mr. Romanus Emegwakor, who represented the Principal of Fountain Heights Secondary School, expressed his gratitude to 9PSB for their commitment to empowering students with financial knowledge.

“We are extremely appreciative of 9PSB for this invaluable financial literacy programme. It is crucial for our students to understand the significance of financial discipline, and we believe this initiative will help them develop the necessary skills to make informed financial decisions in the future,” he said.

World Savings Day is an annual global campaign dedicated to educating individuals, particularly the youth, on the importance of prudent financial planning and saving through formal banking systems.

Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.

Kudirat Kekere-Ekun, chief Justice of Nigeria

Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’

The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.

The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.

“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.

“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”

The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.

“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.

Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.

She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.

“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.

Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.

The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.

In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.

However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.

Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.

The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.