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CREDIT AWARENESS AND FINANCIAL LITERACY

Credit Awareness Nigeria in collaboration with CBN and other stakeholders conceived the consumer education on rural financial services as a platform that brings all stakeholders together. The objective is to promote, educate and share information on issues that will enhance and deepen awareness and appreciation on the rights and responsibilities of Microfinance institutions (MFIs), other financial institutions, their clients and other stakeholders.

Consequently, Credit Awareness Nigeria decided to launch a public campaign on Credit Awareness and Financial Literacy. The campaign brings together Financial Institutions, Microfinance Practitioner Institutions, Development partners, other stakeholders as well as clients of Microfinance Institutions.

This is in line with global trends on consumer education and protection campaign for fair and respectable treatment of consumers of financial services who are constantly taken for granted by the financial institutions.

The campaign aims at promoting the concept of equal financial responsibility between MFIs and other financial institutions and clients on one hand and literacy for clients of these institutions on the other.

As part of the activities of the education campaign, handbills and pocket guides are distributed to participants and posters are posted on the walls and public places of interests. Open campaigns with the screening of a feature film depicting issues bordering on financial literacy, women empowerment and entrepreneurial development are also organised. During the program, the key messages

(Safe Savings and Responsible Borrowing) relating to financial behaviours are emphasized.

The program is rounded off with an open forum where participants and resource persons interact through ‘question and answer’ sessions and eventual sign-on of interested participants by the financial institutions.

The core message of the campaign is “SavingsBecause Savings is the Foundation towards Poverty Reduction and ultimate Credit.

OBJECTIVES

The long term objectives of Credit Awareness Nigeria are:

·         Enhance financial intermediation and deepen financial awareness. 

·         Information should be well disseminated in order to create public awareness through broad based participation and support from the media. 

·         Broaden inclusion to attract the un-banked and uninsured.

·         Improve access to demand-oriented financial development services.

·         Enhance better coordination and collaboration among key stakeholders including financial institutions, developmental partners, regulatory agencies, Governments and other agencies.

·         Support better regulation and coordination of MFIs.

·         Improve the capacity to use loans effectively for income-generation to save and repay loans.

·         Promote responsible financial behavior and practices among micro and small entrepreneurs.

·         Increase the current level of financial literacy in Nigeria.

·         Create a society where at least 80% of the population has access to formal financial service.

·         Accelerate economic growth and reduce poverty by increasing access to finance.

 

·         Create a better relationship between the borrower and the financial institutions.