By ROSEMARY ONUOHA

Chairman of Bank Customers Association of Nigeria, Mr. Uju Ogubunka, has said that over 70 per cent of Nigerians are financial illiterates. Ogubunka noted that everyone needed financial inclusion irrespective of gender, age or profession. Ogubunka stated this at the Financial Literacy Excellence Award (FiLEX), in Lagos last week.

He said that for a secured future and one that would guarantee some level of financial freedom, understanding management of finances is the way to go. Accordingly, the Development Initiative Network (DIN) instituted the annual award to encourage corporate and individuals, working hard to promote financial literacy across the country.

Executive Director of DIN, Dr. Bola Fajemirokun, said the award is a new recognition platform for those working in the financial literacy space in Nigeria. “It’s purpose is to honour and celebrate the achievements of those individuals and organisations whose activities or initiatives have delivered results and impact in the important work of ensuring that everyone in Nigeria, has the knowledge and confidence to make sound financial decision and engage effectively with financial institutions.

Fajemirokun said this year’s theme “Footprint of Distinction” is in recognition of the trailblazing efforts of those who have been honoured.

The award for Corporate Achievement Award for financial institution went to the Nigerian Stock Exchange. It was honoured for its annual essay competition for secondary school students. More than 3,500 students take part in this exercise annually and it has helped in financial literacy among young people.

The second award being the corporate achievement award for non-financial institution went to ‘Financial Literacy for All’ for its savings education programmes for children and the hearing and sight impaired.

Innovation award went to the Enterprise Development Centre of the Pan-Atlantic University for the customised content on its online portal as the SME toolkit.

While the Customer Champion Award went to Sola Salako, founder of the Consumer Advocacy Foundation (CAFON) in recognition of her pioneering role in enlightening financial consumers on their rights and responsibilities.