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CBN steps up financial literacy campaign

By on June 19, 2014

The Central Bank of Nigeria (CBN) yesterday commenced its two-day financial literacy campaign in Ibadan for residents in Oyo State.
The bank said it had identified the need for virtually all bank customers to be abreast of their rights for continuous growth of the nation’s economy as well as for financial stability in the country.

The Director Consumer Protection Department, CBN, who was represented by her deputy, Alhaja Khadijat Kazeem, said it was only when the vast majority of Nigerians are financially literate that they would be able to actively participate in the financial system.

Kazeem noted that the CBN had developed a Financial Literacy Framework (FLF) to attract those that had been excluded from the financial system.

“We must create some level of awareness that would not only enable an understanding of financial products and services but also engender trust and confidence in the system‎.

“We must increase awareness and understanding of financial products and services, enhance efficient usage of financial resources and empower Nigerians with the knowledge to make informed choices and take effective actions that will enhance their financial well being.

“By so doing, we are able to empower them with the confidence to participate in the formal financial system,” the CBN director explained

According to her, in furtherance to the implementation of the FLF, the central bank had successfully embarked on the first phase of its mass sensitisation and awareness in the six geopolitical zones of the country.

She assured Nigerians that CBN has put in place a solid structure that would ensure maximum protection for consumers of financial services from tendencies of exploitation by service providers.

As the financial literacy campaign progresses, Kazeem disclosed that:” Several issues would be discussed that would improve your understanding of ‎financial dealings.”

The CBN had on Monday disclosed that no fewer than hundreds of customers that lodged complaints to its Consumers Protection Department over alleged extortion, illegal deductions and Automated Teller Machines frauds (ATM) on their accounts had been refunded to the tune of N14.6billion by the affected banks as at May this year.

Kazeem said as at May, the CBN through the department, had intervened and treated no fewer than 3,000 complaints from banks’ customers across the country.

 

 

[This Day]