The Group Managing Director (GMD) of First Bank Nigeria Plc, Mr. Bisi Onasanya has urged Nigeria students to cultivate the habit of financial discipline through planning, saving and investment in profitable venture instead of spending every money that comes their way on frivolities and pleasure. The First Bank’s GMD made this admonishment at Imaguero College, Benin City, while making his presentation on Financial Discipline to mark the celebration of this year Financial Literacy Day, a day set aside by the Committee of Bank CEOs and the governor of central bank.
Mr. Onasanya who said First Bank Plc believes in catching the children young pointed out that teaching them the rudiments of savings and using the bank at their tender age will not only prevent them from financial recklessness but will also make them financially independent in their adulthood.
According to him, “Today has been declared by the bankers committee which is the committee of banking CEOs and the governor of central bank as financial literacy day. What this means is that we think that it is important and appropriate to begin to inculcate in our children financial discipline.
This also shows that when they grow up to become adults, they will not be financially reckless but they will be financially independent,” he said.
The GMD reiterated that the bank has always had a programme that is aimed at deepening financial literacy in the system called “Future First Programme” pointing out that it is a continuation of the bank’s avowed policy to intensify financial discipline among the youths.
Mr. Onosanya who was accompanied to the ceremony in Benin City by the First Bank’s Head of Legal Department, Mr. Raymond Mgboekwere; Head of Commercial Banking, Mrs. Cecilia Majekodunmi and the Executive Director Retail Banking South, Mr. Francis Shobo told the students that it is very imperative to distinguish between their wants and needs adding that knowing their needs, would make them to be prudent with their financial as well as making a good budgeting.
He said being financially disciplined does not only benefit the individual but the populace and the way the economy itself is managed in the country.
He however reminded the youths not to forget that when they inculcate this financial discipline in them and remain educated on the need to budget, need to invest, the need to know the difference between needs and wants, they will grow up to be financially disciplined adults.
The First Bank Boss while explaining the function of his bank in promoting financial literacy in the country, said the banks should however look beyond what the bankers committees have done and adopt a policy as corporate organizations to expand the scope of financial literacy and invest in the system to make the noble objective for the Nigerian people achievable, as well as to further strengthen the base of the Nigerian economy and the moral discipline of the people.
The students in demonstration of their clear understanding of the presentation engaged the finance expert in a grueling question and answer session that would have proven an uphill task for a less endowed financial specialist.
Moving a vote of thanks to end the event, the principal of the School, Mrs. Omoarebokhai was full of appreciation to the First Bank GMD and his team and promised to make the details of the presentation available to other students in view of its relevance to the youths and a growing population.