Central Bank of Nigeria has unveiled SabiMONI, an e-learning fully digital platform that provides knowledge base for financial literacy.

SabiMONI was conceived as an avenue for driving financial education amongst the target segment of the Nigerian population that would facilitate financial education programmes for end beneficiaries, Rashida Monguno, director, consumer protection department, Central Bank of Nigeria, said.

“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,” she said, adding “This is a catalyst for greater financial inclusion and stability of the financial system.”

The platform currently consists 15 financial literacy modules and the learning methodology. Some of these modules include needs and wants, non – interest finance, fraud and scam, budgeting, investing. The modules are fashioned in a training of trainer model with the primary targets being the ‘intermediaries’ segment’. Upon completion of the course, learners would qualify as Certified Financial Literacy Trainers (CFLT).

Penetration of financial literacy in Nigeria is still low, with a current rate of 64.1 percent, a development Monguno said is connected with shortage of skilled financial literacy trainers and
limited avenues or channels for financial education.

Research has shown that the absence of or low level of financial literacy constitutes an impediment to financial inclusion. Speaking during the launch of the platform on Monday, CBN Governor, Godwin Emefiele said “We must do everything possible to hit the mark by end of January 2024 for 95 percent rate of financial inclusion.”

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Emefiele said the SabiMONI financial literacy e-learning platform “will enable us drive financial education physically through the Certified Financial Literacy Trainers at the locations where it is most needed. It will enable us to drive digital financial literacy thereby boosting consumer confidence in the uptake and utilization of digital financial services.”

Emefiele added that the shortage of skilled and experienced persons to drive financial education remains a major hindrance, the challenge the bank intends to address with deliberate steps to upscale financial capability through financial education programmes.

The SabiMONI portal is designed to serve as a repository of information not only for learners but also for researchers in the most effective manner.

“We found that deepening the payment system infrastructure needed to be taken seriously,” a reason he said the apex bank has intensified efforts at deepening financial inclusion through various mechanism.

“Financial inclusion is a strong lever for bridging income inequality, combating poverty and preserving social harmony and ultimately financial system stability,” he stated.

Deputy Governor, financial system stability, Aishah Ahmad said financial literacy is a prerequisite for greater financial inclusion, which would lead to stability of the financial system and ultimately economic growth and development.