QNET has launched the second phase of its financial literacy programme, FinGreen, to equip the youth in Nigeria with the knowledge needed for socio-economic empowerment. Like its pilot programme, the second phase will employ the train-the-trainers model, ensuring that the learning is transmitted to the community for a more sustainable outcome.
The programme’s pilot phase trained 20 participants, who, using the peer-to-peer module in Lagos, Oyo, Osun and Ogun states, trained a total of 572 beneficiaries in just two months. The total number of beneficiaries in the pilot phase reached 592, exceeding the initial forecast of training 420 young people.
FinGreen is designed to impart critical financial management skills and knowledge by training young leaders drawn from various communities to become trainers and champions of financial literacy and economic empowerment among the youth. QNET and its local partner in Nigeria, Transblue, launched the programme in partnership with Consumer Advocacy and Empowerment Foundation (CADEF) and Financial Literacy For All (FLFA) as the implementation and content training partners, respectively.
The Enhancing Financial Innovation and Access (EFInA) finance report indicated that Nigeria has a high financial exclusion rate compared to its peers in Sub-Saharan Africa. It also identified low awareness or financial literacy levels as a major barrier to financial inclusion in Nigeria. The Central Bank of Nigeria (CBN) also stated earlier this year that penetration of financial literacy in Nigeria is still low, with a current rate of 64.1 percent, connected with a shortage of skilled financial literacy trainers and limited avenues or channels for financial education.
QNET recognises and acknowledges this critical need for financial literacy as an important skill for financial inclusion. FinGreen addresses the gaps identified by taking participants through saving and investment, money management, banking, risk management and insurance, among other key topics.
Speaking at the launch, Mr Abiodun Ajisafe, Managing Director, Transblue which serves as QNET’s local partner in Nigeria, said: “FinGreen is a game-changer for anyone looking to take control of their financial life. Financial literacy is the key to unlocking opportunities and empowering individuals to achieve their goals. With FinGreen, we provide a transformative platform that equips individuals with the tools and knowledge to navigate the complex financial landscape confidently.”
The programme recognises the recommendations outlined in the National Financial Literacy Framework by the CBN, which highlights the critical need for financial literacy as an important skill for financial inclusion. In line with the framework, the programme will contribute to the availability of role models and mentors for the youth to guide money management and navigate the complexities of the financial sector.