By Peter Egwuatu

In a bold move to strengthen financial management skills, improve investment knowledge, expand credit access, and promote the use of digital business tools among women, Small and Medium Enterprises (SMEs), informal sector operators, and digital entrepreneurs, the Federal Government has entered into a Memorandum of Understanding (MoU) with key professional institutions, including the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Bankers of Nigeria (CIBN), and the Chartered Institute of Stockbrokers (CIS), alongside three others.

The MoU, signed recently in Abuja, assigns each professional body responsibilities based on its area of expertise. Under the agreement, ICAN will oversee accounting and financial standards, CIBN will lead banking education and ethics, while CIS will provide capital market and investment knowledge.

Speaking on the role of CIS in driving investment literacy, the 13th President of the Chartered Institute of Stockbrokers, Oluropo Dada, noted that “financial empowerment comes when citizens are equipped with the right investment knowledge and the confidence to participate meaningfully in the capital market.”

Other participating bodies include the National Institute of Credit Administration (NICA), which will focus on credit management and risk assessment; the Chartered Risk Management Institute (CRMI), responsible for risk analysis and compliance; and the Nigeria Institute of Innovation and Entrepreneurship (NIIE), which will handle entrepreneurship and enterprise development.

According to a Federal Government statement, the wide-reaching financial literacy programme will be delivered through free nationwide training, digital learning platforms provided by WAWU Africa, certification and mentorship opportunities, support for MSME formalisation, improved access to finance, and the alignment of professional standards with national inclusion objectives.

The initiative is expected to strengthen and formalise small businesses, raise citizens’ financial awareness, expand credit opportunities, stimulate digital economy growth, and support President Tinubu’s ambition of building a one-trillion-dollar economy.

Vice President Senator Kashim Shettima described the MoU as a strategic national investment in human capacity, urging all professional bodies involved to ensure it becomes a platform for concrete action rather than merely a signed document.