The Central Bank of Nigeria, CBN has launched a digital national e-learning platform called SabiMONI to provide knowledge base for financial literacy.
Speaking at the official launch of the platform in Abuja, the CBN Governor, Godwin Emefiele said the fully digital e-learning platform is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.
Emefiele reiterated that the SabiMONI platform will also support the Apex bank’s efforts towards ramping up the number of experts that can be used to drive financial education in the country.
The SabiMONI is a fully digital national e-learning platform that provides a knowledge base for financial literacy.
“It is aimed at providing individuals with the opportunity to be trained and to become Certified Financial Literacy Trainers (CFLT) through self-service.
“The platform is aimed at supporting our efforts towards ramping up the number of experts that can be used to drive financial education in the country and perhaps beyond,” he stated.
According to him, the EFInA Access to Finance Report indicated that Nigeria has a high rate of financial exclusion when compared to its peers in the Sub-Saharan Africa (EFInA A2F 2020).
Emefiele posited that to address the financial inclusion gaps, the National Financial Inclusion Strategy 2022, identifies increasing adoption and usage of financial services in priority demographics comprising of the most vulnerable segments such as women, youth, MSMEs, rural dwellers and especially, the Northern part of the country.
On her part, the CBN Director of Consumer Protection, Rashida Monguno attributed the current low rate of financial literacy penetration in Nigeria to shortage of skilled financial literacy trainers and limited avenues or channels for financial education.
Monguno however affirmed that the launch of the SabiMONI platform, would create knowledge base where individuals can learn about financial literacy at their own pace and from their comfort zones with ease.
“Penetration of financial literacy in Nigeria is still low, with a current rate of 64.1%. This, no doubt, may not be unconnected with shortage of skilled financial literacy trainers and limited avenues or channels for financial education. Latest results from the Access to Finance Survey by Enhancing Financial Innovation and Access (EFInA) suggest that the low level of financial literacy continues to constitute a barrier to financial inclusion.
“The SabiMONI was conceived of as an avenue for driving financial education amongst the target segment of the Nigerian population that would facilitate financial education programs for end beneficiaries. It will also support efforts at enhancing financial inclusion through digitalization. It would serve as a channel for propagating Digital Financial Literacy thereby ramping up adoption and usage of Digital Financial Services.
“With the launch of the SabiMONI platform, we now have a knowledge base where individuals can learn about financially literacy at their own pace from their comfort zones and with ease, she said.