Stanbic IBTC Bank has said that sound financial knowledge is the key successful entrepreneurial development and must be taken seriously by all stakeholders.
Besides, given today’s highly complex world, financial literacy campaign should become a continuous learning exercise among students and the younger generation to ensure fiscal discipline.
The Chief Executive, Stanbic IBTC Bank, Mr. Yinka Sanni, said that having a solid foundation in financial knowledge prepares students and young adults for financial independence.
Making a presentation at Government Girls Secondary School, Maimuna Gwarzo, Tudun Wada, Kaduna State, as part of activities to mark the 2016 Financial Literacy Day, Sanni, who was represented by the Head, Public Sector Group, Stanbic IBTC Bank, Yusufu Modibbo, said financial literacy has gone beyond opening and maintaining a savings account at a local bank.
The growing sophistication of society and the attendant need for customized products, services, and solutions means that customers must be sufficiently informed to enable them make appropriate choices and manage their personal finances successfully, he stated.
Additionally, as technological improvements have prompted significant changes in the way the financial services market operates, consumers generally must become familiar with the changing roles in the conduct of financial transactions.
For a start, Sanni said students need to have a grasp of basic money management skills such as living within a budget as well as handling credit and debt, all of which will put them in good stead for better management of finances and future success.
He said the Stanbic IBTC Group recognizes the pivotal role of qualitative education in socio-economic development; a reason education is one of three focus areas for the group’s corporate social investment (CSI). Others are health and economic empowerment.
“We see ourselves as a catalyst for progressive change. Everything we do as an organization is tailored towards making you move from where you are to the next level. We know that a cure for financial illiteracy is to start practicing financial discipline from a young age and that with the right financial knowledge,” he stated.
The Principal of the school, Hajiya Hassana Usman, commended the bank for choosing the school for its intervention, describing it as a priceless gesture.
“Education goes beyond what is being taught in the classroom. We need partnerships with corporate organizations like Stanbic IBTC to share life lessons with the students. We are optimistic that the knowledge impacted today will stay with the students through their lives.”
Guardian