Yemisi Izuora
The Central Bank of Nigeria said it is currently reviewing the extant Guide to Bank Charges, which came into effect on April 1, 2013.
The bank explained that the review is done periodically to ensure that its provisions is in line with current realities and to address complaints from customers of financial services, requests for clarification on provision of the Guide and absence of a tariff regime for other financial institutions in Nigeria.
Meanwhile, the Central Bank of Nigeria has commenced discussions with the National Education Resource Centre to introduce financial literacy programs into the education curriculum of secondary schools in Nigeria.
It said once the discussions are finalised, Financial Literacy would be taught as a subject in all Nigerian secondary schools before the end of this year.
The CBN Director, Consumer Protection Department, Hajiya Umma Dutse stated this when she led a rally to flag-off the global money week in Abuja.
Global money week is an annual event that creates awareness amongst youth and children by teaching them about savings, investments entrepreneurship and employment generation through interactive activities.
Represented by a Deputy Director in the department, Hajiya Khadijat Kazeem, she said the commencement of the financial literacy program would assist in improving the savings culture among secondary school students.
She said, “At the CBN, we are partnering with numerous agencies to teach our children and youths about financial matters and also to create an enabling environment for them to gain access to basic banking and financial products and services through various initiatives, especially the financial inclusion strategy.
“An important aspect of this strategy is the implementation of financial literacy programmes across various target groups of Nigerian population.
“Children and youths are an important target group for the purpose of the financial literacy programme. We believe that financial literacy is better learned at a young age instead of in adulthood.
“The wisdom is that, a habit imparted in the youth at an impressionable age becomes a way of life.”
She explained that where the youth grow without financial education, it would be difficult for them to have financial literacy as well as being capable of managing their own financial matters in a way that will impact their well- being when they become adults.