Central Bank of Nigeria (CBN) has concluded arrangement to commence implementation of national financial literacy strategy in the fourth quarter of next year as part of its financial inclusion plan.

According to the apex bank, in a statement in its website, the move was to assist in the attainment of financial literacy and financial stability through the empowerment of citizens with a knowledge of various types of financial products and services available, how they work, benefits and risks involved and how to access them in order for individuals and business firms to make informal choice and decisions.

It regretted that “the country does not have any articulated or existing framework for providing appropriate financial literacy for Nigerians as it might leave the country behind if not addressed,” adding that “the country’s education system generally does not have detailed curriculum on financial literacy institutionalised at all levels.”

”The implementation priority was put in the design of a financial literacy framework that will aim at educating the Nigerian populace to improve their understanding of financial products, develop their stalls and confidence to become more aware of financial risks and opportunities.”

According to the banking watchdog, the strategy would also help to reduce the number of Nigerians that have no access to financial services, from 46.3 per cent to 20 per cent by the year 2020, stating that it was a commitment to the Maya Declaration.