Anthonia Soyingbe - Snr Reporter, Lagos
Fear is the word to describe the feeling of parents when it comes to financial literacy for children. Experts however canvass repeated conversation on the subject as the world marks global money week.
A-student saving her money in the Ajapa saving box
To commemorate the 2015 global money week, Ajapa World a non-governmental organisation (NGO) inaugurated a Financial Literacy Club a platform that would help create awareness on bringing back saving culture in children.
The setting up of the club came at an auspicious period when financial inclusion is getting greater attention across the world.
For instance, in a recent communiqué by the G20 Working Group on Financial Inclusion and financial education, it was stated that financial education shall be included in the school curriculum, which requires the development of indicators that reflect the quality of education in the area of financial literacy.
President of Ajapa World, Akin Braithwaite, said that before the introduction of the program, a two months orientation course was carried out in conjunction with UNICEF at the Ajeromi/Ifelodun Local Government Area Lagos State and many parents were invited to participate in the course.
According to him, “The idea was not to assume anything; we wanted to get an understanding of the social condition of families and understand what parents do, and what parents give to their children and their affordability.
“We discovered that parents are ready to go naked for their children. That was one good thing. The bad thing was that the parents didn’t have any financial literacy. So it was a consumption based situation where a parent will give the give the child a hundred naira and he spends all”, said Braithwaite.
Narrating a story, Braithwaite noted, “Interestingly, there was one child that asked a question; when he discovered that he had some change left, we asked him, what he did with the change and he said he spent it.
“Asked why? He answered that if he didn’t his mummy will take it back from him. It is almost like in the government department. If you don’t spend allotted money, it will be taken back from you,” said Braithwaite.
The chief executive added that Ajapa World intends to teach the child how to earn, save and spend money.
He pointed out, “In Lagos for example, every community has an opportunity for children to earn money. One of the easiest ways is through recycling. These plastic bottles are everywhere. So we are getting the children to collect these things and then we push them through recycling companies. The can then earn little money in it.”
“The goal of Ajapa Financial Literacy Club is to develop children and youth into productive economic citizens at an early age so that they can be contributors to the growth and well-being of society and not grow up into dependent beggarly adults.
Braithwaite added that Ajapa World is set to roll out the club to over 1,000 public primary schools in the state.
“Work has begun earnest with the training of 25 teachers in the five selected pilot schools chosen from five local government areas. During a one week period, 300 children have so far been inducted into the club. Our goal is to reach 100,000 children in the first phase and roll out to the whole of Nigeria in the not too distant future. The club will teach children through activity based learning covering such area as; rudiments of money, earning, saving, spending and giving,” he added.
The executive chairman of State Universal Basic Education Board (SUBEB) Adijat Daudu at the event commended the initiative and encouraged students to imbibe training culture for rainy day.
Master Julius Odeyemi aged 10, a Basic 5 pupil and a member of the financial literacy club described how he has learnt not to spend all the money he has but to save a little for investment in the future.
Franca Nduka, a parent who spoke in Pidgin English at the event eulogized the initiator, stating that the initiative has changed her life and that of her children.
According to her, “My children have refused to spend any money I give them for feeding; rather they prefer to save it despite several pleas on them to spend their money on feeding, while I give them another to save.”
Ajapa World which has been in existence since 2003, started with the production and publication of children books and cartoons and has since diversified.
In the words of Braithwaitead, “We got involved with the financial literacy drive two years ago and being a children’s company we saw that this was something we really and truly had to teach children, especially children in the lower income bracket. So, last year we partnered with UNICEF and finally got approval from the (SUBEB) to roll out the Ajapa Financial Literacy Club in all states of the country. The Ajapa World pupils have had a rich and overwhelmingly fulfilling experience as they have been taken to Financial Institutions to show them how money is managed in different ways, shopping malls to teach them how to spend and shop wisely for themselves and their families and also the Nigerian Stock Exchange (NSE) where they were exposed to the operations of the exchange house and encouraged to begin an investment plan with as little as N200.The whole essence of this event is to raise awareness on financial literacy and make our children productive.
Economic citizens
“The children in the low income bracket have been left behind which is dangerous to the economy because that is where we have defiant behaviors.
It is important that children in the low income bracket should be paid more attention and teach them how to earn, save and spend responsibly,” Braithwaite stated during a media chat.
For kids that are yet to register, but wish to begin saving, they are encouraged to put the money they intend saving aside and make detailed record of it in their savings journal, after which it should be taken to their personal bank account for deposit with close supervision from their parents at the end of the month. Children are expected to put their money in the ajapa saving box once they register.
300 children from age six and above in five selected pilot public schools chosen from five local government areas namely: Ajeromi Ifelodun, Alimosho, Lagos Island, Kosofe and Eti-Osa, have so far been inducted into the club via SUBEB selection and have had free sponsorship as students from public schools.
However pupils from private school register with a token of N10, 000 to N15, 000, which comes with a custom made Ajapa world outfit, a savings journal, a tortoise savings box among others. Ajapa is a wise tortoise who gets into a series of mischievous scenarios but uses his wit to get out of them. The Tortoise is a popular character in Africa folklore.
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