Visa Supports Mobile Apps to Promote Financial Literacy in Nigeria

Visa Inc., the global leader in payments, today supported the launch of three locally-developed mobile apps to promote financial literacy in Nigeria.

The apps were conceptualized and developed by winners of the Financial Literacy Challenge mobile development competition, sponsored by Visa, and delivered by the Co-Creation Hub Nigeria.

They are designed to help Nigerians make better financial decisions by providing education about the importance of saving and financial management.

“This initiative is part of our strategy to help Nigerians become more financially aware,” said Ade Ashaye, general manager for Visa in West Africa. “What makes it unique is that it encourages Nigerians to develop locally-relevant solutions, tailored for their specific environment and needs. We are always looking to support innovative programmes that can better equip individuals to manage their money more effectively, -- and these apps achieve that.”

The apps, which are free for users, encourage financial education by making financial literacy fun and entertaining, while also challenging users on their level of financial acumen.

The first app, ‘Money Talks,’ is an audio tutorial solution that provides financial information using SMS, voice interactive system and the Web.  It supports Igbo, Yoruba, Hausa and Pidgin English. ‘More Than Money,’ a game developed to reinforce students’ money management skills, is an adaptation of the community game used by Junior Achievement Nigeria in primary schools across Nigeria. The third app, ‘Market TraderStreet Tinz,’ is a mobile, Web-based game that teaches children how to make smart financial decisions in a fun and engaging way.

“CcHub is pleased to have worked with Visa, through the Financial Literacy Challenge, to develop these three mobile apps that will go a long way in helping Nigerians make better use of their income,” said Bosun Tijani, chief executive officer, Co-Creation Hub Nigeria. “Playing with these apps will get the next generation started towards a financially responsible life. Together we are making a difference.”

The apps can be downloaded at :  www.cchubnigeria.com/flc and are available on several mobile platforms including Android, iOS and Java enabled phones (J2ME).

Visa has educated millions of customers in more than 30 countries over the past decade on financial literacy through various programmes.

These financial literacy apps are part of a number of initiatives that we will be embarking on to bring financial education to the newly banked, unbanked and under-banked in Nigeria.

Visa is a global digital payments network that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments.

We operate one of the world’s most advanced processing networks - VisaNet - that is capable of handling more than 47,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants.

Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers.

Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products.

On the other hand, Co-Creation Hub Nigeria is a social innovation centre dedicated to accelerating the application of social capital and technology for economic prosperity.