Stanbic IBTC Bank partners Junior Achievement Nigeria to promote financial literacy


In furtherance of its commitment to increasing financial literacy amongst young Nigerians, Stanbic IBTC Bank has partnered with Junior Achievement Nigeria to organize a two-phased competition on financial literacy, which will identify and reward financially savvy secondary school students across the country.

Stanbic IBTC is sponsoring the two-phased competition tagged “Money Bee Competition” and “MoNie-Pedia.” Money Bee, which is slated to take place on Children’s Day, 27 May 2019, can simply be said to be the financial literacy equivalent of the Spelling Bee competition. MoNie-Pedia, on the other hand, will hold from 13 -17 May and will be a form of electronic quiz competition where pupils compete among themselves on money and finance related questions.

For the past five years, Junior Achievement Nigeria has, with the support of the Central Bank of Nigeria (CBN), developed a financial literacy curriculum which is used by senior executives of all financial institutions nationwide to teach primary and secondary school students financial skills in commemoration of the Financial Literacy Day (FLD) during the Global Money Week (GMW). The exercise, which is part of the CBN/Bankers’ Committee’s efforts to increase financial literacy and inculcate a savings habit in Nigerian youth, impacts over 70,000 students nationwide during the week. Stanbic IBTC Bank has participated in the FLD exercise since inception and also sits on the Board of Junior Achievement Nigeria, supporting its operations. This partnership therefore seeks to enhance the impact of the financial literacy day exercise whilst also supporting JAN’s vision of raising financially savvy youth.

Speaking on this partnership, Executive Director of JA Nigeria, Simi Nwogugu, said, “We are delighted by this partnership that will enhance our financial literacy programmes, provide an electronic platform for all our students to test their understanding of finance and create a signature Money Bee that we believe will be the financial literacy equivalent of the Spelling Bee. We have discussed this initiative with the CBN for months and are so grateful that Stanbic IBTC Bank has stepped forward to make it happen. As a long-standing Board Member, Stanbic IBTC has been an integral part of our success in Nigeria so this initiative affords the opportunity to further cement the partnership to enrich the lives of young Nigerians.”

Stanbic IBTC Bank PLC, Chief Executive, Dr. Demola Sogunle, also shared the bank’s commitment to support and strengthen the Nigerian community through financial education, leadership, health, environment, and charitable conditions.
“At Stanbic IBTC, we have long identified education, a key pillar of our corporate social investment, as pivotal, along with financial literacy, to economic growth and development. Thus, we are always pleased to engage with our future leaders to share financial literacy nuggets with them,” Sogunle said. “Our rationale for supporting JAN and the financial literacy competition is simple: JAN is a credible body, and as a bellwether of innovation in the financial services industry, we recognize that the competition is a very creative way to not only drive home the financial literacy message but also to measure how well the children are imbibing the principles,” Sogunle added.

The e-quiz portal will be opened from 13-17 May and accessible to students who participated in the JAN financial literacy programme in the 2018/2019 school year, whilst the Money Bee competition will hold in Lagos on 27 May 2019.
Stanbic IBTC is a leading provider of integrated financial services, pensions and wealth management products and services.

Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide (JAWW), the world’s largest and fastest-growing nonprofit economic education organization with a 120-country network dedicated to preparing young people for a successful future. Since inception in 1999, JAN has reached over 900,000 students in over 20,000 classrooms in over 30 locations across the country through over 2,000 volunteers.

Stanbic IBTC Holdings, a member of Standard Bank Group is 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. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 20 countries on the African continent. Standard Bank has been in operation for over 155 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.

 
 
 
 

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