The Central Bank of Nigeria (CBN) has taken a significant step toward enhancing financial literacy and promoting financial inclusion with the unveiling of SabiMONI, an innovative e-learning platform.
This fully digital national platform aims to provide individuals with a comprehensive knowledge base for financial literacy and empower them to become Certified Financial Literacy Trainers (CFLT).
Speaking at the launch of the e-learning platform, CBN governor Godwin Emefiele said that the platform was built to provide a knowledge base for financial literacy, adding that it is aimed at providing individuals with the opportunity to be trained to become Certified Financial Literacy Trainers (CFLT) through self-service.
In his words,
“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. The pace of financial inclusion is directly related to the level of financial literacy and financial Capability”.
He explained that the pace of financial inclusion is directly correlated with the level of financial literacy and financial capability. Recognizing the need to bridge these gaps, the National Financial Inclusion Strategy (NFIS) 2022, devised by the CBN, identified the priority demographics for increasing adoption and usage of financial services.
These demographics include vulnerable segments such as women, youth, micro, small, and medium enterprises (MSMEs), as well as rural dwellers, particularly in the northern part of the country.
With the launch of SabiMoni, the country now has a knowledge base where citizens can learn about financial literacy at their own pace, from the comfort of their homes. Notably, the CBN has set a target of achieving 94 percent financial inclusion by the end of January 2024.
It is worth noting that financial inclusion in Nigeria has had undeniable successes, with the onboarding of residents to the banking sector, but the overall exclusion rates continue to exceed official targets due to low financial literacy.
The SabiMONI portal will serve as a repository of information not only for learners but also for researchers in the most effective manner.