UBA engages rural students on banking, saving culture

In line with the Central Bank of Nigeria (CBN) guidelines on taking banking to the grassroots, the management of the United Bank for Africa (UBA) on Monday organised an interactive savings literacy education to students of Olivet Baptist High school, Oyo, Oyo state.

The bank’s team, headed by the Executive Director, Lagos and West banks, Ayoku Adeoye Liadi, told The Guardian that the aim of the campaign is to encourage savings among the upcoming generation in the country.

Students and teachers of the school, numbering about 400, were taken through an engaging interactive session by the bank chief on the advantages of saving in the banking sector, especially at younger age.

Liadi said: “Banking is what people think is a high activity but it is not, everybody should have an account in a bank. The students here do not even think that they should have an account in a bank, but with this session, I think they will tell their friends and others about having an account in a bank. It’s what if, we do it a lot in rural areas make things better.

“It is important we inculcate the savings culture when people are young. When you start at a relatively young age, you will grow with it, we are also talking to them but they are been neglected in the past. We don’t want a situation when you get to university or working that you start saving. When we catch them young like this, and I think the right thought and message is for many people to be bankable.

“This is going to help the system. There are a lot of money outside the banking system. The number of students we talk to here are about 400 today. This programme is expected to create awareness among the people outside the state capital for savings and financial literacy, most importantly. It is just to encourage people that they need to keep their money in banks for safety purposes to avoid theft.

“That is why Central Bank of Nigeria (CBN) is trying to implore many commercial banks to go there to tell people that there is need for them to save in a formal institution,” Liadi said.

The Vice Principal, Administration, Olivet High School, Tunde Sulola, who spoke with journalists after the session commended the bank’s initiative.

According to him “the programme is a laudable and wonderful programme. It is an eye opener. Apart from the students, some of us that are teachers too have been seriously exposed to the tenets of savings.

“Apart from the fact that all our students are excited, they will go back home to tell their parents the need for them to begin to save and the teachers too, we have been lifted and we will pass the message to our children by the time we get home’’.