By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
SpeedUp9ja
Notification Show More
Latest News
DJ R2 - Naija Old school [Throwback Mixtape]
DJ R2 – Naija Old school [Throwback Mixtape]
Music
Israeli forces kill Palestinian teen in West Bank clash
Israeli forces kill Palestinian teen in West Bank clash
World
Nigerian Army General Falls, Dies While performing Physical Training Test
Nigerian Army General Falls, Dies While performing Physical Training Test
News
FIRS reveals plan to prevent tax evasion by firms
FIRS reveals plan to prevent tax evasion by firms
Bussiness
China President Xi Jinping attends BRICS summit in South Africa
China President Xi Jinping attends BRICS summit in South Africa
Africa
  • Home
  • News
  • Nigeria
  • Politics
  • Music
  • Health
  • Contact Us
  • World
  • Entertainment
  • Sports
  • Finance
  • Africa
  • Technology
  • Bussiness
  • Lifestyle
Reading: CBN launches ‘SabiMONI’ financial literacy platform
Share
SpeedUp9ja
  • Nigeria
  • News
  • Politics
  • Entertainment
  • Contact Us
  • Music
Search
  • Categories
    • Entertainment
    • Music
    • South Africa
    • Hip-Hop
    • Video
    • Sports
    • News
    • Nigeria
    • Crime
    • Politics
    • Finance
    • Africa
    • World
    • Bussiness
    • Health
    • Insider
    • Technology
    • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise with us
  • Contact us
  • Privacy Policy
Copyright © 2022 SpeedUp9ja Media Ltd.
Finance >CBN launches ‘SabiMONI’ financial literacy platform

CBN launches ‘SabiMONI’ financial literacy platform

The Central Bank of Nigeria (CBN), have launched an e-learning platform, SabiMONI, to promote financial literacy and to deepen financial inclusion.

Last updated: May 15, 2023 at 9:57 PM
By SU9 staff 7 months ago Finance
Share
SHARE

The Central Bank of Nigeria (CBN), on Monday launched an e-learning platform, SabiMONI, to promote financial literacy and to deepen financial inclusion.

Speaking at the ceremony, the CBN Governor, Mr Godwin Emefiele, 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.

RELATED STORIES

CBN extends bank executives’ tenure to 24 years
POS Operators Increase Charges For Withdrawal, Deposit
We’ve Charged Emefiele To Court – Says DSS

“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.

You Might Also Like

CBN extends bank executives’ tenure to 24 years

POS Operators Increase Charges For Withdrawal, Deposit

We’ve Charged Emefiele To Court – Says DSS

CBN Places Cameroon, Croatia, Vietnam On Money Laundering Watchlist

CBN makes Social media handle part of mandatary KYC verification for bank customers

TAGGED: cbn, Godwin Emefiele, SabiMONI

Sign Up For Daily Updates

Stay Updated! Get the latest breaking News & New Music delivered straight to your inbox for free.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
SU9 staff May 15, 2023
Share this Article
Facebook Twitter Whatsapp Whatsapp Reddit Email Copy Link
Previous Article Tunisia sentences opposition leader Ghannouchi to a year in prison Tunisia sentences opposition leader Ghannouchi to 1-year in prison
Next Article English Premier League: Liverpool Maintain Champions League Qualification Push As Leicester City Nears Relegation
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Most Recent

DJ R2 - Naija Old school [Throwback Mixtape]
DJ R2 – Naija Old school [Throwback Mixtape]
Music
Israeli forces kill Palestinian teen in West Bank clash
Israeli forces kill Palestinian teen in West Bank clash
World
Nigerian Army General Falls, Dies While performing Physical Training Test
Nigerian Army General Falls, Dies While performing Physical Training Test
News
FIRS reveals plan to prevent tax evasion by firms
FIRS reveals plan to prevent tax evasion by firms
Bussiness

More from SpeedUp9ja

CBN extends bank executives’ tenure to 24 years

5 months ago

POS Operators Increase Charges For Withdrawal, Deposit

5 months ago

We’ve Charged Emefiele To Court – Says DSS

5 months ago

CBN Places Cameroon, Croatia, Vietnam On Money Laundering Watchlist

5 months ago
Previous Next

Trending Today 🔥

SpeedUp9ja

We influence millions of Online news readers in both Nigeria and other parts of the world, SpeedUp9ja Provides Latest Nigeria News, Entertainment News, Health, Music streams, lifestyle and Sports.

Categories

  • My Bookmarks

Quick Links

  • Advertise with us
  • Contact us
  • Privacy Policy

RC-6905392 ©2023 SpeedUp9ja Media Limited.

speedup9ja logo speedup9ja logo
Welcome Back!

Sign in to your account

Lost your password?