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Nigeria’s Central Bank Deputy Governor, Aishah Ahmad and the CBN building

Nigeria’s Central Bank Deputy Governor, Aishah Ahmad and the CBN building

CBN launches digital literacy platform, SabiMONI

Mrs Ahmad says the launch of #SabiMONI is a powerful example of effective policy coordination and impactful public-private partnerships.

byAbdulkareem Mojeed
May 18, 2023
Reading Time: 2 mins read
0

Nigeria’s Central Bank Deputy Governor, Aishah Ahmad, on Wednesday, announced that the bank has developed a financial literacy platform called SabiMONI.

Mrs Ahmad, who disclosed this in a series of tweets posted on her official Twitter page on Wednesday, said the platform was developed through a partnership with financial inclusion experts.

“This week, the @cenbank launched #SabiMONI, a digital financial literacy platform developed in conjunction with the @giz_gmbh, @futminna_web and other stakeholders in the Financial Literacy Working Group of the Financial Inclusion Technical Committee,” she noted in one of the tweets.

The “SabiMoni” is an e-learning platform designed to train and provide people with up-to-date financial tools and resources at no cost.

Financial literacy

She explained that “Financial Literacy” is a critical first step for achieving financial inclusion in the country.

She said an estimated one-third of the Nigerian adult population lacks financial literacy skills, which negatively impacts their likelihood of using financial services

This week, the @cenbank launched #SabiMONI, a digital financial literacy platform developed in conjunction with the @giz_gmbh, @futminna_web and other stakeholders in the Financial Literacy Working Group of the Financial Inclusion Technical Committee. pic.twitter.com/4SjSgdILHI

— Aishah Ahmad, CFA (@aishahmad) May 17, 2023

In the age of cashless, electronic transactions and digital financial services, Mrs Ahmad emphasised that digital financial literacy is more vital than ever, adding that it is not just for the financially excluded or the “Digital Aliens” but also to expand access amongst the financially included.

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“Higher financial literacy rates means consumers will be more likely to make choices that enhance their use of financial products, reinforce competitive pressure on financial institutions, and promote #FinancialSystemStability by increasing market demand for financial services,” she said.

The official said the CBN had implemented several policy initiatives to promote financial literacy nationwide, such as the National Financial Literacy Framework, as well as introducing Financial Education in the Primary and Secondary School Curriculum in conjunction with the education ministry.

Significance

According to Mrs Ahmad, the SabiMONI platform will transform existing financial literacy policies

Similarly, its digital format allows for a wider reach, better tailoring, and more convenience, flexibility and scalability at a lower cost.

“It will also generate critical data for evaluating learning effectiveness,” she said.

She said SabiMONI is customisable for individuals, small businesses, and financial education providers.

Due to the platform’s ability to address the specific needs of various segments, she said SabiMONI would be transformative for the design and delivery of national financial literacy programmes.

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READ ALSO: Senate urges CBN to release $717.5 million trapped airlines funds


“The launch of #SabiMONI is a powerful example of effective policy coordination and impactful public-private partnerships. As Chair of the Financial Inclusion Technical Committee, I am very proud of the diverse group who is working tirelessly to ensure financial inclusion for all,” she said.

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“At the #CBN, we are committed to promoting financial inclusion by enhancing trust & confidence in the financial system, deepening the payment system, and upholding consumer rights. Importantly, we understand that financial literacy is a strong lever that will accelerate progress.”

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