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Visa plans to improve Nigeria's financial literacy

19 July 2013, 14:00Okoro Chinedu

Lagos -  Visa, the global payment technology company, has launched an application development challenge in order to promote financial literacy in Nigeria.

Dubbed the "Financial Literacy Challenge," the competition is expected to bring key financial services players like the Central Bank of Nigeria,
(CBN) commercial banks, personal finance non-governmental organisations and other stakeholders together with software developers and designers to create interesting applications and games.

Speaking about the challenge, Visa Country Manager for West Africa, Ade Ashaye, said the applications and games expected to be showcased at the competition, will advise Nigerians on how best to manage their financial affairs as well as educate them on the tools available to meet their financial needs.

Presently, he said, 34 million Nigerian adults have no access to formal or informal financial service.

Of those with access, many are often not equipped to make the right financial decisions in the face of a challenging economic environment and the diversity of providers, platforms and services.

"Many customers are weighed down by a mountain of financial jargon and decisions that make it hard for them to know what they are getting into.

"However, the proliferation of mobile phones and the growth of the internet access in Nigeria provide a platform through which essential personal finance information can be delivered right where the customers are," said Ashaye.

The Financial Literacy Challenge will begin with a session for key financial stakeholders next Friday in Lagos.

Six applications and games have been selected from a pool of 18 submissions and will be built to compete for top three monetary prizes.

All teams will present their complete prototypes at a public 'show and tell' event on July 28.

A panel of judges consisting of representatives from Visa, CBN, Stanbic and Enhancing Financial Innovation & Access will select the winners.

Visa has through various programmes educated millions of customers in more than 30 countries over the past decade on financial literacy.

The company pledged to reach 20 million people through financial literacy programmes by 2013 but surpassed that goal a year ahead of schedule in May 2012.

More than 26 million people had been reached as of January 2013.

- CAJ News


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