Stakeholders at FINLIT 2022 Conference Task Nigerians on Financial Literacy

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Wednesday, January 12, 2022 / 12:12 PM / Bukola Akinyele-Yisau  for WebTV / Header Image Credit: WebTV 


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The Islamic Corporation for the Development of the Private Sector (ICD) in partnership with HalFinance Business Consult Ltd hosted its maiden Financial Literacy 2022 in Nigeria with the theme "Be Money Smart". 


The event had in attendance finance experts, credit institutions, students, young graduates, entrepreneurs, and households who had the opportunity to learn how to invest, save and spend money.    


Giving the welcome address, Mr. Habib Gbenle Co-Founder/Partner, Halfinance Business Consult Limited was optimistic that the agenda of the maiden FinLit 2022 is to boost financial culture and create financial awareness for everyone. According to him, being financially literate requires risk, discipline, and commitment.


Mr. Gbenle said the focus of the Finlit initiative is to motivate the targeted group, to practice sound financial habits and make vital financial decisions especially in the area of financial groups, financial planning, money budgeting, great returns, and diversifying investments to avoid falling into fraud, Ponzi schemes and to engender financial inclusion.   


He highlighted the goals of the maiden Finlit conference in Nigeria such as;

  • Financial awareness
  • Contributing to the SDG goals
  • Reduction in financial fraud
  • Debt Relief 
  • Decision making
  • Wealth Buildings 


In his keynote address, Engr. Hamza Alsaktawi, Head, Innovation & Knowledge Management, ICD said the purpose of the event is to support financial inclusion and alleviate poverty through financial literacy.


Alsaktawi informed stakeholders that the five days programme is for young Nigerians to develop new skills in personal finance and understand how to be money smart, implored the youths, individuals, and entrepreneurs to adopt what they learned from the workshops to enhance their businesses, and to motivate them financial habit".


Dr. Ahmed Popoola, Managing Director/CEO CRC Credit Bureau Ltd giving his presentation on "Goal Setting and Self Actualization" stressed that settings goals are about envisioning the future. He added that setting goals and objectives is vital for any individual and business owner.  He said for a goal to be achievable, they must meet the smart goal criteria. 


He outlined the "S.M.A.R.T" goal strategy which covers the following areas;

S- Specific: A specific goal is a detailed outline of what you want to achieve

M- Measurable: your goals should be measurable

A-Attainable: Your goals need to be achievable and attainable to be successful

R-Realistic

T-Timely

 

He highlighted the required habits that can help people achieve their smart goals which include;

  • Align your goals with your values
  • Have an accountability partner to help you to stay on track
  • Assemble everything you need before you need it
  • Identify the potential challenge and find solutions to them
  • Complete at least one action per day
  • Reward yourself


Dr. Popoola concluded his session with a Norman Vincent Peale quote "All successful people have a goal. No one can get anywhere unless he knows where he wants to go and what he wants to be or do".


The Founder, Smart Halal Investor Club, and Muslim Finance Coach, Mr. Ridwan Sanusi in his presentation on "Build your Networth: Income, Asset & Liability Management" said the first step is for individuals to understand the difference between asset and liabilities. According to him, the asset is an item tangible or intangible resource, that will generate income for individuals consistently while liabilities are things that will take money out of one's pocket. 


Sanusi believed the ability to manage assets and reduce liabilities will help people to build their net worth. He said individuals need to learn how to invest whether as an entrepreneur, professional, and also learn how to have a portion of their earnings set aside for investments and also to learn how to leverage your social network to build wealth and generate more income.


Ms. Oler Oladele, Founder, The Money Wit Club speaking on "Financial Planning: Building, Saving & Investing habits for success" explained that every individual needs to understand his/her money personality, self-assessment, establish a good savings plan, set goals, and timeliness, take action, save and invest.  


The conference also had and sponsors the Bank of Industry (BoI), Lotus Capital, and  SmartHalal Investors Club amongst others.


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