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CBN moves to minimise bank customers’ credit risks

By on July 17, 2013

The Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has inaugurated a steering committee on financial literacy to help financially excluded individuals to know, understand and access financial products and services at affordable costs.

The committee, which is headed by Sanusi, is made up of representatives of relevant institutions in both the public and private sectors of the economy.

Speaking at the event, the CBN governor said the need to empower individuals to make better spending, savings and investment decisions informed the financial literacy policy.

Other objectives are to increase awareness for individuals to have personal financial plans, prioritise their spending as well as help consumers to minimise credit risks in the financial system.

Sanusi said the central bank was currently working with the Ministry of Education to develop a curriculum that would help promote the financial literacy policy.

Already, he said plans were on to have a special day when financial literacy would be taught in primary and secondary schools by senior public and private sector officials.

He said, “We are going to visit primary schools to talk to them about financial inclusion and reduce the terms to very simple ones they can understand, and also make them aware of the various products that are available.

“I have really started by visiting primary schools where I gave a class financial literacy lecture. We are planning to set aside some days as financial literacy days where senior officials from banks will visit schools and speak on financial literacy to children.”

 

 

 

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