9 Payment Service Bank (9PSB), Nigeria’s foremost digital payment service bank focused on financial inclusion, has marked Financial Literacy Day with a school mentoring campaign held simultaneously at three different locations – Ajao Estate Senior Grammar School, Isolo, Lagos; Wuse Comprehensive Secondary School, Abuja; and Kano Capital Girls Secondary School, Kano, respectively.
The event which was held as part of the bank’s activities to mark the 2023 Global Money Week being championed by the Central Bank of Nigeria (CBN), sought to bring financial literacy and education to students in the mentored schools.
Delivering her lecture at the event which was woven around the theme of the Global Money Week: “Plan your Money, Plant your Future”, the Chief Executive Officer of 9 Payment Service Bank (9PSB), Branka Mracajac noted that financial literacy has become a necessity for everyone particularly the youths in this digital age, in order to prepare them for making informed decisions especially in matters relating to money, savings and investment, thereby preparing them for the future.
Speaking on the basic principles of money, the savings culture, and budgeting, she said, “It is important to spend your money wisely. One of the ways to help you spend your money wisely is to make a budget. To make a budget, you need money. So, you plan on how to split your costs into wants and needs. It is important to carefully distinguish between what we truly need and what we merely desire, to properly plan and manage a budget.”
Highlighting the need to grow money through investment and the dangers of wrong or uninformed investments, Mracajac emphasized the need to invest in proper channels and include a financial plan in order to avoid bankruptcy. “When you get older and start making serious money, you will begin to make financial plans towards investment. It is, however, important to be mindful about how you invest as some investments can go wrong and lead to the loss of the principal money”, she added.
‘’It is important to highlight that this laudable mentoring programme is being championed by the Central Bank of Nigeria and 9PSB is fully in support of the initiative, as it perfectly fits into our social objective as a bank. There is no doubt, one way to drive financial inclusion is through financial literacy which is exactly what we have done here today. Financial literacy is very important in the process of driving financial inclusion. There is no better time to start than now with students at this level because they are the leaders of tomorrow” Mracajac remarked.
The occasion was used to formally introduce the 9PSB Financial Literacy Club, a corporate social responsibility initiative of the bank to the schools. The Club was well-received by both teachers and students in all three schools.
Global Money Week is an annual global awareness campaign aimed at educating young people on the values attached to money and the entire money cycle – earning, savings, spending, investing, and donating. The 2023 edition is running from the 20th – 26th of March with various financial sector players all over the world marking the week with different activities.