Stanbic IBTC Bank, has further deepened its financial literacy education as part of the lender’s activities to commemorate this year’s Global Money Week.
Specifically, the bank deployed its mobile ATM van from Lagos to Ibadan Grammar School, one of the 31 allocated schools across the country, where senior executives of the bank including its chief executive made presentations to students on financial literacy.
The bank’s Chief Executive, Dr. Demola Sogunle, who made a presentation titled “Money Matters, Matter” at Ibadan Grammar School, Molete, Ibadan, Oyo State, explained that exhibiting exemplary financial discipline as adults required that as students there is need for them to inculcate the fundamentals in financial knowledge.
Specifically, the banker, while noting that the importance of financial literacy cannot be over-emphasised in any society, advised the students on the need to have a good understanding of basic money management skills such as living within a budget and to always define and differentiate their needs and their wants.
Sogunle said: “This initiative is meant to positively impact the lives of these students as what you experience and feel for yourself as compared to what you are told often stay with you for a lifetime and you tend to continue to relive those moments. Many of these children see bank ATMs located across the city but have never operated one, so the mobile ATM van here on ground gives them a rare opportunity to experience financial service. More importantly, we recognise that practical knowledge always outweighs theoretical knowledge.
“Our intention is to equip these students to be able to make smarter, more informed decisions than the generations before them. The knowledge that we have impacted in them today will surely place them ahead in the learning curve.”
In his remarks, principal of the senior school, Mr. Oyeade Francis Ajani, commended Stanbic IBTC for going far and above the basic requirements for the Financial Literacy Day in organising what he described as the best the school has hosted, describing it as a priceless gesture.
He said: “We need more corporate organizations to follow the lead of Stanbic IBTC Bank and if possible raise the standard set by the bank. We are optimistic that the knowledge impacted today will stay with the students through their lives.”
The session featured other topics such as how to start saving, benefits of saving, knowledge and planning skills. Some of the students who answered questions correctly during the question and answer session were presented with different ranges of prizes.
They include, 10 lucky students who received Automated Teller Machine (ATM) enabled Stanbic IBTC Gift Cards preloaded with cash and who experienced first-hand financial service offered by the bank through the instant activation of their cards and made cash withdrawals on Stanbic IBTC Bank mobile ATM van.
The Financial Literacy Day is an initiative of the Central Bank of Nigeria (CBN) aimed at encouraging children and young adults in junior and senior secondary schools understand quite early in life the rudiments of money and its uses.
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings Plc, a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management.