SEC adopts new measures to deepen financial literacy growth

As part of its resolve to deepen investment in the capital market, the Securities and Exchange Commission (SEC) has concluded plans to commence a financial literacy awareness campaign across the country.

This, according to the Commission, was in alignment with the forthcoming World Savings Day celebration by the Central Bank of Nigeria (CBN) and the entire financial sector.

SEC, through a Technical Committee on the Financial Literacy Week (TCFLW), comprising representatives from regulatory bodies, capital market operators and the media, headed by Mrs. Oluwatoyin Sanni would hold special programmes across the geo-political zones of the country, to coincide with the world savings day.

Sanni explained that the financial literacy and awareness campaign was in line with the Capital Market 10-Year Master Plan of the Commission,noting that the campaign is imperative at this time, considering the generally low level of financial literacy and capital market awareness across the country.

According to her, in Nigeria, financial illiteracy, among other factors, could be said to have contributed to the crash of the capital market in 2008/2009.

“The public is largely unfamiliar with the workings and benefits of the capital market. The loss of investor confidence in the market due to crisis that hit the banking industry and capital market some years back, partly resulted from lack of financial knowledge.

“This is why the Master Plan mapped strategies to raise literacy level and awareness about the market. What the Committee is doing is to begin to implement some of those strategies,” Sanni said.

According to her, apart from presentations to be made by market operators and other stakeholders at the various events, quiz competitions, and debates would be organised for secondary schools and universities at the chosen venues.

She added that the campaign would kickoff with multiple fora to be held in Kano (Kano State) to represent the Northern zone, Port Harcourt (Rivers State) to represent the Southern zone and Abeokuta (Ogun State) for Western Nigeria.

“The literacy drive and awareness campaign will be extended to other locations as we move on. However, we are beginning with these three locations and this would commence from the 31st October to the 4th of November,” she said.