The Financial and Business Online Publishers, FiBOP, recently hosted a transformative summit to instill financial discipline in Nigerian students. The event, held at the Muson Centre, Onikan, Lagos, was supported by prominent financial institutions including UBA, Polaris Bank, Fidelity Bank, Access Bank, Sterling Bank, CRC Credit Bureau, Chivita limited and the TinCan Island Port Command of the Nigeria Customs Service.

Themed “Financial Literacy in a Digital Era: Catching Them Young,” the summit drew secondary school students eager to learn about financial management. The event emphasized the importance of financial discipline from a young age, shaping habits that will influence the students’ futures.

Expert Insights on Financial Discipline was given on behalf of Tunde Popoola, GMD/CEO of CRC Credit Bureau by his representative, Osasikemwen Ighilen who engaged the students by discussing their future aspirations. Recognizing many students aimed to own businesses, she highlighted that these ambitions could only be realized by adopting prudent saving habits early in life. She stressed the importance of saving small amounts regularly, turning it into a lifelong habit.

“Save gradually, and it will eventually become a culture in your lives as you grow older,” said Ighilen. She encouraged the students to save part of their daily pocket money, suggesting they use personal savings boxes if they found it challenging to retrieve savings from their parents. “No amount is too small to save. Anyone who does not discipline themselves by saving small amounts will struggle to save larger amounts in the future,” she added.

Financial Management Starts early, stated by Dan-Preston Nwaokorie, representing the MD/CEO of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe, who underscored the necessity of sound financial management from an early age. He advised the students to avoid unnecessary spending and emphasized the importance of forming good saving habits while they are young.

“Financial responsibility is essential for everyone, including young ones, to lead a well-planned life,” said Nwaokorie. He provided practical advice on budgeting, suggesting that once they start earning a salary, students should divide their income into three parts: 50% for needs, 30% for enjoyment, and 20% for savings. He also encouraged them to join Fidelity Bank’s ‘Sweeter Account’ to grow their savings, highlighting that prudent management is more about habits than the amount at hand.

Charles Onwuatogwu, President of FiBOP, delivered a welcome address explaining the summit’s theme. He emphasized the importance of raising financial awareness among secondary school students in Lagos State, equipping them with the necessary skills for efficient funds management and future financial endeavors.