Unity Bank Plc has revealed plans to release a new software for kids and teens that would enable users to reach their financial objectives in an effort to encourage a savings culture and improve financial literacy among young Nigerians. As part of the Bank’s statewide campaign to commemorate the worldwide occasion, the statement was made during the World Savings Day seminar that was hosted at Emerald Fields School in Calabar, Cross River State.
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In order to promote financial inclusion, the Central Bank of Nigeria, Bankers Committee, and Junior Achievement Nigeria have organized World Savings Day, which is celebrated in secondary schools throughout the nation through Financial Literacy Training.
Speaking at the event, Mrs. Patricia Ahunanya, the Chief Compliance Officer, on behalf of Unity Bank’s Managing Director/CEO, Mrs. Tomi Somefun, stressed the value of establishing sound financial practices from a young age. She clarified that the forthcoming software would give pupils the means to create financial safety nets through saves and wise money management, comprehend the power of compound interest, and set SMART financial goals. “A secure future is built on financial literacy.
We enable students to take control of their financial journeys by teaching them to budget, embrace delayed gratification, and discern between requirements and wants. Mrs. Somefun said, “The new app will be a useful tool to support these lessons and help young Nigerians develop a culture of saving.”
The goal of the 16 training sessions that were concurrently conducted in secondary schools throughout Nigeria, including the one in Calabar, was to impart fundamental money management skills. Simulations on income, budgeting, prudent spending, and comprehending the concepts of borrowing and saving were presented to the participants.
Representatives from Unity Bank led the students in interactive talks and urged them to develop long-term financial stability-promoting practices and create financial objectives. Every year on October 31, World Savings Day is observed with the goal of raising awareness of the value of saving and money management around the world. In order to involve students across the country, the Central Bank of Nigeria (CBN) organized events in coordination with the Banker’s Committee, Deposit Money Banks, and Junior Achievement Nigeria.
Unity Bank’s program encourages young Nigerians to adopt financial literacy at an early age, which is in line with the CBN’s financial inclusion goal. This initiative will be supported by the Bank’s soon-to-be app, which is tailored for kids and teens and offers an entertaining way to set savings objectives, monitor progress, and develop sound financial practices. Unity Bank further demonstrates its dedication to youth development and capacity building by offering financial literacy training in six geopolitical zones.
