Nigeria: First Bank Rolls Out Financial Literacy Initiative

The financial needs of children are the core target of a new program developed and launched by First Bank of Nigeria Ltd., which dubbed the venture “Future First” and which is dedicating financial, personnel and other resources to the broad scale financial literacy effort.  Future First is comprised of two primary platforms; namely, a financial education program and a career counseling initiative that will arm students with information and resources that will enable them to enhance their career planning and success.

The financial literacy element of the program will include a unique experiential supplement for the students to go beyond their traditional education in Nigeria’s high schools with hands-on training relating to basic money concepts, the promotion of savings, and how to run a successful business. The mission of First Bank of Nigeria with respect to this program is to enable students to become more empowered with respect to their money management capabilities and their confidence in making important financial decisions for themselves and for their families.

The launch of Future First marks the latest of many financial literacy programs recently launched in Nigeria.  Those rolled out by banking institutions in the region during the last twelve months have been largely sparked by those banks’ corporate responsibility objectives, which mirror the social responsibility and CRA-based ventures pursued by banks and other financial firms throughout the world.  As this trend is expected to continue in the years to come, industry observers contend that the breadth and depth of financial literacy solutions should endure further expansion as well, as individuals and families reap the benefits by virtue of the higher levels of financial literacy.