Bank, NGO promote financial literacy with ‘Money Bee’

Education

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Stanbic IBTC Bank has partnered a non-governmental organisation (NGO) Junior Achievement Nigeria (JA Nigeria) to organise a two-phase contest on financial literacy, which will identify and reward financially-savvy secondary school pupils across the country. A statement from the bank noted that Stanbic IBTC is sponsoring the  event tagged “Money Bee Competition” and “MoNie-Pedia.” Money Bee, slated to take place on Children’s Day, May 27, is the financial literacy equivalent of the Spelling Bee competition. MoNie-Pedia, scheduled for this week, is an electronic quiz contest where pupils compete among themselves on money and finance-related questions. For the past five years, JA Nigeria has, with the support of the Central Bank of Nigeria (CBN), developed a financial literacy curriculum, which is used by senior executives of all financial institutions nationwide to teach primary and secondary school pupils financial literacy in commemoration of the Financial Literacy Day (FLD) during the Global Money Week (GMW). The programme is part of the CBN/Bankers’ Committee’s efforts to increase financial literacy and inculcate a savings habit in youths and impacts over 70,000 pupils nationwide during the week. Stanbic IBTC Bank has participated in the FLD exercise since inception and sits on the Board of JA Nigeria, supporting its operations. On the partnership, JA Nigeria Executive Director Simi Nwogugu said: “We are delighted by this partnership that will enhance our financial literacy programmes, provide an electronic platform for all our students to test their understanding of finance and create a signature Money Bee that we believe will be the financial literacy equivalent of the Spelling Bee. “We have discussed this initiative with the CBN for months and are so grateful that Stanbic IBTC Bank has stepped forward to make it happen.” Stanbic IBTC Bank PLC Chief Executive Dr Demola Sogunle also shared the bank’s commitment to support and strengthen the  community through financial education, leadership, health, environment, and charitable conditions. “At Stanbic IBTC, we have long identified education, a key pillar of our corporate social investment, as pivotal, along with financial literacy, to economic growth and development. Thus, we are always pleased to engage with our future leaders to share financial literacy nuggets with them,” Sogunle said. “Our rationale for supporting JAN and the financial literacy competition is simple: JAN is a credible body, and as a bell-wether of innovation in the financial services industry. We recognise that the competition is a very creative way to not only drive home the financial literacy message but also to measure how well the children are imbibing the principles,” Sogunle added. The e-quiz portal will be accessible to pupils who participated in the JA Nigeria financial literacy programme in the 2018/2019 school year.

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