Diamond Bank Goes to Classroom

Fri, Mar 21, 2014
By publisher
5 MIN READ

Banking Briefs, BREAKING NEWS

DIAMOND Bank PLC, a leading player in the Nigerian Retail Banking industry, has adopted Caro Favoured College, Awodi-Ora, Ajegunle, Lagos, in its drive to promote financial literacy among children and youth as well as give them access to good quality education. Officials of the bank, who visited the school on a mentoring program in commemoration of  the Global Money Week, said the move was informed by Diamond Bank’s commitment to building capacity among the country’s future leaders and in support of the financial inclusion policy of the Central Bank of Nigeria.

Jude Anele, head, Retail Banking, Diamond Bank PLC, who represented the Bank’s GMD/CEO, lectured the children on Financial Literacy. Among the issues he dwelt on were Financial Literacy, Fun Facts about Money, Qualities of Money and Managing Money. Others were Understanding the Difference between Needs and Wants, Investments, Financial Regulations and Ways to Prepare for Retirement. He noted that the lessons were designed to instill financial consciousness in the children so that they can better manage money when they become adults with the responsibility of managing the country’s economic fortunes.

Bovi
Bovi

Addressing the students’ concerns on how the bank can assist in financing their education, Olumide Akindele, Head, Consumer Propositions Group, Diamond Bank PLC, said, “Diamond Bank is committed to helping you actualize your aspirations. Our primary focus today is to teach you how to manage money so you can be financially independent adults. Just remain focused so you will be prepared when opportunities come your way.” He assured that the bank had educational products to help them fulfill their aspirations.

Caroline Ughamadu, Proprietress, Caro Favoured College, expressed appreciation on the adoption of the school and the mentoring program. She said: “The school management is delighted to have these bankers come around to teach our students despite their busy schedule. What is being done today has further strengthened the hope of these students in a great future, despite their underprivileged background. We want more corporate bodies to emulate Diamond Bank by partnering with private schools situated in underprivileged communities.”

Ndubueze Mercy, deputy senior prefect of the school, noted that the financial literacy training has broadened her understanding of banking operations. She said: “I have learnt a lot about banking. I knew about savings account and interest paid on such account before now but I did not know anything about financial regulations, preparing for retirement and investments. This financial education will go a long way to help my financial development. I hope to be an economist despite the limitation of my environment. So, I want to thank Diamond Bank for bringing this programme to our school.”

In another development, the bank has launched a programme as a follow-up to its highly successful master brand campaign, titled ‘You Need A New Bank part 2.’ The TV commercial demonstrates the Bank’s unique offerings which have won it the pride of place amongst Nigerians. Featuring Bovi, an ace comedian, the new TVC features various scenarios where people are faced with challenges in making basic banking transactions and Bovi shows up to offer them solutions to the challenges.

Zenith Bank on Financial Literacy

Emefiele
Emefiele

ZENITH Bank Plc recently inaugurated a campaign targeted at inculcating a savings culture and general financial literacy among secondary schools students in the country. This move followed the Central Bank of Nigeria’s drive for financial inclusion in the country, the bank said. In a statement, the bank said it organised a one-day training programme for students of Girls’ Secondary School, Abayi, Aba, Abia State, where over 300 students of the school were groomed on the need to develop the healthy habit of managing money.

Godwin Emefiele, chief executive officer, CEO, Zenith Bank Plc, said  the programme had become imperative judging from the fact that over 43.6 percent of adult Nigerians do not transact business in banks; a figure he said, would become worse if youths were added to the already frightening figure. He told the students that acquiring sound financial literacy skills was key to success in life as managing one’s resources prudently was one decision the individual has to make throughout his/her lifetime.

He said whether one becomes rich or poor in life did not necessarily depend on how much money one made through life but how well he was able to manage it effectively and efficiently; adding that instances abound where people made good money but died wretched simply as a result of mismanaging his fortune.

Sterling Bank Targets the Unbanked

Yemi Adeola, CEO, Sterling Bank
Yemi Adeola, CEO, Sterling Bank

ABOUT 30 million Nigerians are currently estimated to be unbanked. Sterling Bank Plc has targeted a significant number of the unbanked population in its financial inclusion drive. The bank said it has deployed biometrics-enabled Point of Sale terminals to its entire agent banking outlets in the country. This move would boost the financial inclusion strategy of the Central Bank of Nigeria, the bank said.

Fatai Amoo, group head, e-Business, Sterling Bank, said that for a prospective customer willing to open  an account with any of its agent outlets, his or her basic details, including finger prints and picture are captured on the PoS terminals. He said, “We have over 30 million adults who are unlettered and whenever they want to use their ATMs they would tell anybody around their pin. We all know that, that is risky and a lot of people have fallen victim.

“Our agent banking solution has brought to an end, this kind of issues. We have been able to deploy a solution that runs on biometrics. Whether you are lettered or not, literate or illiterate, God has given all of us our fingers.” Amoo said the board and management of the bank took the decision to make banking all inclusive by bringing it closer to the people.

Compiled by Chinwe Okafor

— Mar. 31, 2014 @ 01:00 GMT

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