CBN Launches “SabiMONI” to Promote Financial Literacy, Inclusion

In an effort to close existing gaps in some citizens’ understanding and knowledge, the Central Bank of Nigeria (CBN), on Monday, unveiled an e-learning platform, SabiMONI, to promote financial literacy and 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.

“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 a 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 the 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 financial 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.