• Thu. Jul 18th, 2024

QNET Restates Dedication To Addressing Financial Illiteracy In Nigeria


Aug 10, 2023

QNET, a worldwide company specializing in direct-selling related to lifestyle and wellness, has initiated the second phase of its financial literacy initiative, FinGreen, aimed at equipping young individuals in Nigeria with the essential knowledge for achieving socio-economic empowerment.

According to a report by Hybrid News, the Central Bank of Nigeria (CBN) highlighted a low level of financial literacy in the country, standing at 64.1 percent, primarily attributed to the shortage of skilled trainers and accessible financial education resources.

The FinGreen program is strategically designed to provide essential financial management skills and insights. It achieves this by training emerging leaders from diverse communities to become proficient trainers and advocates for financial literacy and economic empowerment among their peers.

QNET, in collaboration with its local partner Transblue in Nigeria, launched this initiative in conjunction with the Consumer Advocacy and Empowerment Foundation (CADEF) and Financial Literacy For All (FLFA), who are responsible for executing the program and delivering content training, respectively.

During the Phase 2 training of trainers event held in Lagos, Mr. Biram Fall, the Sub-Saharan Africa Regional Manager for QNET, emphasized that Nigeria experiences a comparatively higher rate of financial exclusion compared to other Sub-Saharan African nations. Fall highlighted that QNET recognizes the pivotal role of financial literacy in ensuring financial inclusion. This recognition prompted the partnership with Transblue to devise comprehensive strategies aimed at delivering exceptional value to Nigerians by creating entrepreneurial opportunities for the youth.

Fall underlined that QNET’s commitment to financial inclusion and literacy goes beyond mere aspirations, as they consider these aspects integral to their corporate social responsibility and core values. He added that as promoters of micro-entrepreneurship, QNET is well aware that education and inclusivity are fundamental pillars for building a brighter and more prosperous future.

“Today, we launch the second phase of our transformative financial literacy program, FinGreen.

This initiative has empowered youth, women, and entrepreneurs in vulnerable communities across Nigeria. We have enabled at least 600 individuals to make informed financial decisions through comprehensive financial education, and this is just the beginning. Our goal is to train at least 600,000 Nigerians in few years,” he further stated.

He revealed that FinGreen is set to be introduced in marginalized communities worldwide with the aim of supporting the UN Sustainable Development Goals (SDGs) and fostering resilient and prosperous economies in developing nations.

“We intend to give back to this country that has given so much to us. I extend my heartfelt appreciation to all our partners, stakeholders, and participants who have contributed to the success of FinGreen thus far. Together, let us continue to work tirelessly towards a Nigeria where financial stability, security, and prosperity are accessible to all,” he stated.

In the same vein, the CEO of Transblue Nigeria Limited, Mr Abiodun Akeem Ajisafe, stated that “there was a growing demand for job creation among young people in Nigeria to drive economic growth. By offering Nigerians chances for economic empowerment through entrepreneurial education, financial literacy, skill development, and
company management training, QNET is committed to bridging the gap,” Ajisafe said.

Discussing the initial stage, Ajisafe remarked, “The pilot phase of FinGreen was inaugurated and executed in Nigeria between June and September of the prior year, yielding significant accomplishments. The pioneering trainee facilitators, who emerged from the pilot phase, successfully imparted financial literacy education to more than 500 young individuals across Lagos, Ogun, Osun, and Oyo States.”

Regarding FinGreen’s second phase, the CEO of Transblue disclosed that this upcoming stage will encompass fresh subjects such as investment strategies, debt management, budgeting, and savings. These subjects were already part of the previous phase’s curriculum.

He added that, “The programme would also provide training on entrepreneurial skills and business management, helping individuals to start and grow their businesses. We believe the QNET Fingreen Phase 2 has the potential to bring long-term benefits to more young people in various communities across the six different geo-political zones in Nigeria, including improved financial stability and increased economic opportunity.”

Phase two of FinGreen also had the objective of building upon previous achievements and reinforcing QNET’s dedication to enhancing financial empowerment, according to Laja Shoniran, the Executive Director of Financial Literacy for All.

Shoniran further commented that the program’s second batch involves the training of 25 young individuals, with the expectation that these 25 Nigerians will subsequently share their knowledge within their respective communities.

This approach is envisioned to contribute towards the overarching goal of providing financial literacy training to 600,000 individuals.

In the meantime, one of the program’s beneficiaries, Ms. Faith Enang, attested that the insights she gained from the training have significantly improved her financial literacy.

She also mentioned that she has successfully passed on her knowledge to others in her community, resulting in their commendable progress in various business endeavors.

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