FBN Merchant Bank Enlightens Students on Saving Culture

As part of its commitment to promoting a culture of saving among youths, FBN Merchant Bank Limited, a subsidiary of FBN Holdings Plc. recently educated the students of 6 schools.

This was delivered in commemoration of the World Savings Day, 2016 in line with the Central Bank of Nigeria (CBN) financial literacy initiative.

The schools included Eko Akete Grammar School and Isale Eko Grammar School in Lagos State; The Ascension High School, Oghale, Eleme LGA; Holy Rosary Girls College, Port Harcourt; as well as Government Secondary School, Kubwa, and Government Secondary School, Mpape, Abuja; and discussions were focussed on the importance of imbibing a savings culture at a young age.

The World Savings Day is a global event aimed at increasing awareness on the importance of saving as a path to financial empowerment and independence. The programme exposed the students to the practical aspects of monetary transactions, savings, investment and financial responsibility.

Speaking at the Lagos event, Mr. Segun Adebayo of FBN Merchant Bank emphasized the importance of learning financial responsibility through saving at an early age.

He stressed the fact that saving can be inherently difficult due to constant wants and needs if not prioritised.

"However, if a culture of saving has been ingrained and developed from youth it would nurture them into being financially stable and independent adults. Saving is not dependent on how much one earns but it is about developing a habit of putting something aside for the future. Financial independence is a journey and like every journey, requires preparation, preferably from an early age,” he said.

As part of the day’s activities within each school, the students were given a quiz to test how much they were able to assimilate from the presentation with prizes for the winners. A question and answer session followed to clarify any unclear issues that arose.

The students were counselled on the various forms of saving and how to save money as students. They were also encouraged to develop their unique skills, which could help them earn and subsequently save money.

The exercise also showcased FBN Merchant Bank’s contribution to the CBN’s effort on financial inclusion and financial literacy by educating students on basic financial skills that will promote financial independence in the future.