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Verite Microfinance Bank CEO urges lenders to deepen financial literacy

The Group Managing Director/CEO, Verite MFB, yesterday urged banks to deepen their support for financial literacy among youths and and promote the operations of Small and Medium Enterprises (SMEs).

Speaking at the end of 329th meeting of the Bankers’ Committee in Lagos, Abiru disclosed the Committee’s commitment and plans to continuously improve the level of financial literacy among the youths as well as create more awareness to support the operations of microfinance banks.

The bank chief said the committee unanimously agreed that the banking industry should unite to ensure that financial education is promoted in schools across the six geo-political zones.

He said the committee agreed that each of the commercial banks take at least, two schools in each of the six geo-political zones.

“Part of what we discussed was the need to continuously improve on financial literacy. And one of the resolutions is for the entire industry to act as one to play an active role in the forthcoming World Savings Day Celebration on October 30,” Abiru said.

He explained that part of the role of the banks was to ensure that each of the banks take on at least, two public schools in each of the six geopolitical zones of the country. “We suggested that at least 12 public schools will be taken up by each bank for this years’ event,” he said.

Abiru also disclosed the Committee’s commitment and plans to promote Small and Medium Enterprises (SMEs). “We also talked about Small and Medium Enterprises (SMEs), general commerce, general commerce, manufacturing, micro-finance bank and other banking-related products so as to create awareness as our nation gets older and stronger in banking services,” he said.

Skye Bank Plc has been at the forefront of mentoring of students in financial literacy as endorsed by the Bankers’ Committee. The lender has taken the financial inclusion message to various states within the federation to underscore the imperatives of the savings culture among students.

The bank’s officials were recently at Biedomo Premier School, Yenagoa, Bayelsa State to teach the students the fundamentals of financial planning, investment instruments and the need to imbibe the saving culture at an early stage.