CBN Inaugurates Financial Literacy Steering Committee

The Central Bank of Nigeria (CBN) has inaugurated a Financial Literacy Steering Committee (FLSC) to oversee the effective implementation of financial inclusion strategy policy in the country.
The CBN Governor, Malam Sanusi Lamido Sanusi, said at the inaugural and first meeting of the committee in Abuja that for the country to effectively implement the financial inclusion policy, there was the need for all stakeholders to work together.
“Financial inclusion goes beyond banking services and that is why we have everybody from Nigeria Deposit Insurance Corporation (NDIC), Securities and Exchange Commission (SEC), National Insurance Commission (NAICOM).
“The Pension Commission, the Nigerian Stock Exchange, Federal Ministry of Finance, the Federal Ministry of Education and the National Communications Commission, and so on.’’
According to him, all the key stakeholders are involved in the process adding that many of them were consulted in the development of the policy document.
He said that consumer protection and evidence-based decision makers remained top to ensure effective financial inclusion.
He said that the apex bank had in the last week launched Geospatial financial service point that would help fast-track the implementation of the policy in the country.
Sanusi said that effort would be made so that ministry of education would include financial literacy in the curriculum to help educate people early in life.
He said that the measure would help people to know the products in the financial sector that could help improve their lives.
Sanusi said that the apex bank had discussed with the bankers committee to introduce a financial literacy days where the CBN governor, deputies and bank CEOs could go to primary schools to speak on financial literacy.
Speaking at the meeting, CBN’s acting Director of Consumer Protection Department, Hajiya Umma Dutse, said the specific objective of the policy was to empower individuals to spend wisely.
She spoke more on the objectives of the policy: