World Savings Day, organized by the Central Bank of Nigeria (CBN), the Bankers Committee, and Junior Achievement Nigeria, seeks to advance financial inclusion and literacy through effective training sessions in secondary schools throughout Nigeria.
At the event, Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, represented by Chief Compliance Officer, Mrs. Patricia Ahunanya, emphasized the significance of early financial education. She noted that the forthcoming app would enable students to establish SMART financial goals, appreciate the advantages of compound interest, and cultivate sound money management practices.
“Financial literacy is essential for building a secure future. Educating students on budgeting, differentiating between needs and wants, and understanding the importance of delayed gratification prepares them to make informed financial choices. Our new app will serve as a practical resource to reinforce these concepts and nurture a lasting savings culture among young Nigerians,” Mrs. Somefun stated.
The training session in Calabar was one of 16 conducted simultaneously across the nation. Students engaged in interactive activities centered on earning, budgeting, responsible spending, and grasping the principles of saving and borrowing. Unity Bank’s team facilitated practical exercises to assist participants in setting financial goals and developing sustainable money habits.
World Savings Day, observed annually on October 31, highlights the significance of savings and financial awareness globally. In Nigeria, the CBN and its partners coordinate initiatives to engage students and promote financial inclusion throughout the country.
Unity Bank is set to launch a new app designed specifically for children and teenagers, enhancing the Bank's initiatives in financial literacy. This app will offer an engaging and interactive platform for users to establish and monitor their savings goals, while promoting sound financial habits.
Unity Bank's active participation in World Savings Day events across Nigeria's six geopolitical zones underscores its unwavering commitment to empowering the youth and enhancing their capabilities. This initiative aligns seamlessly with the Central Bank of Nigeria's overarching financial inclusion strategy.
Through this endeavor, Unity Bank demonstrates its dedication to fostering a financially literate generation and contributing to the economic resilience of Nigeria's future.