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Microfinance banks engage students on savings culture

The National Association of Microfinance Banks (NAMB), FCT Chapter, has engaged students in saving to avoid spending their money on consumption.

Speaking during a Corporate Social Responsibility outreach at the Government Secondary School Area 11 Garki, Nwanna Joel-Ezeugo, Chairperson of NAMB and CEO Hasal MFB, said it wants to encourage financial literacy among students and educate them on the importance of savings to have investment they could look up to.

She said the outreach to the school was to talk to students to have confidence in themselves and know why spending with savings could pose a challenge to achieving their future goals.

“We want to talk to them to remain focused on their schooling because if they do that, they will be able to be good citizens.”

She added that the association also donated school materials to N1.3m to the students to ease their academic learning.

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“It is from all the microfinance banks in the FCT. If we are doing it individually, the impact may not show. That is why we are doing it collectively. We want to impact the little we can on the lives of the children to be better citizens.”

She said the association is planning to build blocks of classrooms in schools to ensure school children learn in a better environment.

“We are looking forward to a time when we can take a block of school. Our interest is only education to ensure the children have a better future.”

Francis Akie, vice chairman of NAMBS and CEO Prudent MFB, said the outreach is to bring its products close to the children for them to understand and know it is good to save at a tender age as there is more propensity to consume without savings.

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Joe Onyeabor, CEO of MicroBiz MFBsaid Microfinance Banks are the closest bank to the people. Thus, it want to relate with students to ensure they are exposed to financial literacy and inclusion very early in life.

On his part, Joseph Oyibo, CEO of Fedeth MFB, over 500 students are targeted on the outreach.

He said the association wants to bring financial literacy to the students to understand what the banks are doing, especially the Microfinance banks.

“We are giving them the lecture to let them know that not everything that comes to their hands in finance will be spent on consumption.”

He said the outreach, which is the first to be organised by the association, would also expand to other areas in the FCT.

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