Financial Literacy is an important step in promoting Financial Inclusion. It is an action geared towards bridging the gap between the banked and unbanked and under-banked.
In a determined effort to reduce the number of financially excluded individuals in Nigeria, the Central Bank of Nigeria has set a target of achieving at least 80 per cent inclusion of the adult population by the year 2020.
The strategy is to drive financial inclusion through commercial and microfinance banks in Nigeria that are nearer to the people. With 70 percent of adult women in Nigeria still unbanked, Diamond Bank Plc has seen financial inclusion for women as a goal that must come to fruition, as well as a business strategy.
Speaking at an event tagged: “BETA WOMAN, BETA NAIJA” organised by Diamond Bank, in partnership with Amazing Amazon in Kaduna, the Group Head, Agency and Merchant Services, Diamond Bank, Mrs. Uche Ben-Uzoebo, said the objectives of the event, was to enlighten the women on the importance of savings; help them understand the value of accessing formal financial services; and aid them in planning to meet their financial goals through one of the bank’s Financial Inclusion products- BETA Savings Account.
The event attracted women in Kaduna, who trooped to Arewa House, the venue, to witness the initiative that alongside several Northern celebrities, social media influencers and entertainers with huge followership. The event was introduced with a drama/play, themed: “Your Money is Always Safe in Diamond Bank”, which focused on saving wisely through the formal financial sector in BETA savings to avoid indelible loss.
The informal savings methods such as Adashi and Ajiya, where a local money collector goes around to collect daily savings, were described as having no guarantee. On the other hand, the women were educated on choosing a better way to save. But gender issues have become a vital consideration when discussing financial literacy in the country.
This is because, women, by empirical studies, have been proven highly capable and prudent, with a strong savings culture. However, they have had harder times achieving these objectives than men, because they struggle to earn enough.
“The BETA Proposition seeks to address convenience and access, which are the two major issues cited by many women in Nigeria as barriers to entry into formal financial services. With over 700,000 accounts opened, the bulk of them being women, the bank is already seeing the positive impact of the BETA proposition,” Mrs. Ben-Uzoebo, said.