In an increasingly complex financial landscape, the importance of financial literacy cannot be overstated, especially for the younger generation in Nigeria, where the youth is a demographic at an all-time high. For a nation that remains the heart of Africa’s economic powerhouse, there, lies a critical challenge of ensuring the financial empowerment of its burgeoning youth population.
Nigeria, pulsating with youthful energy, stands at the cusp of immense potential. Yet, this potential remains largely untapped, shrouded by the shadows of financial illiteracy. This knowledge gap perpetuates cycles of poverty, hindering individuals from harnessing opportunities for economic growth and prosperity.
The country boasts one of the largest youth populations globally, with individuals under the age of 30 comprising over 60% of the total populace. This demographic dividend presents a unique advantage for economic growth and innovation. However, the realisation of this potential hinges on addressing key challenges such as unemployment, limited access to quality education, and financial illiteracy.
The journey towards financial literacy in Nigeria is fraught with obstacles. Limited access to formal financial services, particularly in rural areas, bars millions from participating in the formal economy. Moreover, entrenched cultural norms and societal attitudes towards money pose formidable challenges. Traditional practices often prioritise physical assets over modern financial instruments, perpetuating a cycle of distrust and reluctance towards financial institutions.
According to a survey by the Central Bank of Nigeria (CBN), only 38% of Nigeria’s adult population is financially literate, highlighting the urgent need for targeted interventions to bridge this gap.
Yet, amidst these challenges, rays of hope pierce through the darkness. In a world where financial literacy is a crucial life skill, brands such as Meristem Securities Limited, a leading capital market conglomerate, and initiatives like the annual Global Money Week (GMW) help bridge the gap, illuminating pathways to financial empowerment for Nigerian youth and rallying stakeholders from across sectors to unite in a shared mission. As we commemorate GMW 2024, it’s paramount to recognise financial education’s pivotal role in shaping Nigerian youth’s future.
As we commemorate the Global Money Week 2024, the imperative to equip Nigeria’s youth with the tools and knowledge to navigate the complex financial landscape has never been more pressing. Amidst this call to action, Meristem, emerges as a beacon of hope, spearheading transformative initiatives to cultivate financial literacy among the nation’s youth.
For over two decades, Meristem has been at the forefront of providing innovative financial solutions and services to its clients. Central to its mission is the belief that financial empowerment should start from an early age. Through various initiatives and programmes, the brand has actively promoted financial literacy among young people, recognising it as a fundamental building block for achieving long-term financial success.
To help build a financially literate community and a youthful population with the requisite leadership skills, the leading financial powerhouse has put together plans to unveil MORE by Meristem, a free-to-use youth-focused investment and entrepreneurship platform representing a significant milestone in Meristem’s dedication to youth empowerment.
The driving force behind MORE is the desire to empower the dreams of young and ambitious people by giving them access to information, knowledge, and skills that they require to bring them closer to where they want to be financially. The investment pathway on the platform seeks to improve financial literacy among young people, helping to refine, support, and transform their potential for wealth generation and sustainability opportunities.
In addition, the MORE by Meristem platform has carefully curated learning opportunities to equip young people with knowledge and skills to practice investing locally and globally. These opportunities are poised towards wise investing, and building a great wealth portfolio to secure a bright future for self and the coming generations.
By promoting financial literacy and providing access to investment opportunities, MORE by Meristem empowers young individuals to take control of their financial futures. Beyond mere wealth accumulation, MORE instils a mindset of financial resilience, equipping users with the skills and confidence to navigate economic uncertainties and achieve long-term prosperity.
Another tech-powered platform leveraged by Meristem to advance financial independence is Wealthbuddy, a platform that users can adopt to save, invest, and pay bills from the comfort of their homes with the clicks of a few buttons on a mobile device. The platform affords clients the luxury of making great investments (mutual funds, dollar investments and fixed deposits) and saving (target, fixed, and group) choices while attracting great interest rates.
Nigeria’s youthful population is not just a demographic statistic; it’s a dynamic force driving innovation, entrepreneurship, and social change. Young Nigerians are at the forefront of shaping the country’s economic landscape, from tech startups to creative industries.
As we reflect on the significance of Global Money Week 2024, stakeholders must reaffirm their commitment to nurturing a generation of financially empowered youth who are not just consumers but creators of wealth. By investing in their financial education and providing them with the necessary support and guidance, the groundwork for a prosperous and inclusive society where every individual has the opportunity to realise their full potential is laid.
These initiatives catalyse change in the journey towards financial empowerment, inspiring young Nigerians to take charge of their financial futures and become architects of their destinies.
Together, this week and beyond, it is imperative for us to commit to promoting financial literacy, inclusion, and accessibility for all Nigerian youth, because we can.
