The Group Chief Executive Officer, Moniepoint, Tosin Eniolorunda, has said that financial literacy is key to achieving social and economic inclusion.
He stated that it provides skills for better management and entrepreneurial growth
He spoke during a two-day intensive workshop in Abuja, according to a statement on Wednesday.
It was organized by Moniepoint Inc. in collaboration with ACIOE Associates and Tech4Dev.
According to the statement, the summit was in a move designed to enhance financial literacy and strengthen online business security for women entrepreneurs and People Living with Disabilities (PLWDs).
The statement noted that the workshop was attended by over 100 participants. It added that the initiative which targeted small and micro-enterprise owners, was aimed to address the growing need for financial education and digital security in an increasingly online business environment with the business owners gaining valuable insights into financial planning, budgeting, cybersecurity, and safe online payment practices through a series of practical sessions and interactive activities.
The workshop, according to the statement, also placed special emphasis on advancing gender inclusion and highlighted the need for financial literacy cyber hygiene as tools to empower vulnerable groups, particularly women.
According to organizers, the initiative is crucial in addressing the low levels of financial literacy that persist in many parts of the world, especially Nigeria, which can hinder economic growth and financial inclusion.
They added that studies have shown that financial literacy is linked to improved access to basic financial services, formal savings, and overall economic development.
The workshop’s organizers also maintained that improving women’s financial literacy will enable them to make informed decisions, access financial services, and build wealth, ultimately contributing to gender equality and economic empowerment.
Eniolorunda said: “Businesses are vital cogs in the wheels of economic growth, development and job creation. Financial literacy is key to achieving social and economic inclusion, particularly for women seeing that when women understand financial concepts, they are better equipped to manage their finances, access financial services, and build wealth.”This in turn gives them the impetus to pursue their entrepreneurial aspirations and contribute more significantly to the economy.”
He added: ”Against the backdrop of our recently launched Informal Economy Report, there is a need to provide a platform for ensuring that many businesses can survive and thrive beyond the five-year mark considering that eighty per cent of businesses especially those in the informal sector have been operating for less than five years.
“Also, the link between financial literacy and financial inclusion has become an international policy concern, this is our own way of contributing to the conversation, powering the dreams of this vulnerable group and doing what needs to be done to support Nigeria’s socio-economic aspirations.”
Managing Partner, ACIOE Associates, Innocent Isichei, an advisory services firm providing a rich suite of solutions across various sectors noted that
“Businesswomen and PWLDs are especially vulnerable to online threats. By building a secure digital ‘fortress,’ women can confidently navigate the online environment, safeguard their businesses, and leverage technology for growth.
“Beyond online safety, achieving economic empowerment for women requires addressing significant financial literacy and access challenges.”
“These challenges include limited financial knowledge, restricted access to credit, societal barriers, and gender-based discrimination within the financial sector. ACIOE Associates recognizes these critical needs and that’s why we have partnered with Moniepoint and Tech4Dev to offer this comprehensive two-day workshop.”
“Via a series of practical sessions, participants learned essential skills in budgeting, saving, and investment strategies tailored to small business needs.
“The program also covered vital cyber hygiene practices to protect businesses from data breaches, phishing scams, and malware attacks while learning how to leverage technology for business expansion while maintaining a secure online presence.
“The participants lauded the organizers for their demonstrated commitment to supporting the economic empowerment of women and PLWDs, by equipping them with the skills needed to succeed in an increasingly digital and complex environment.”
