First Bank MD condemn home banking

Managing Director of First Bank Nigeria Plc, Dr. Adesola Adeduntan, has advised Nigerians to cultivate the habit of saving their monies in the bank for future use rather than resorting to home banking.

Adeduntan stated this on Thursday in Calabar, Cross River State while educating pupils of St. Patrick’s College in Ikot-Ansa on financial literacy.

The programme was part of the bank’s activities to mark the 2017 Global Money Week tagged: ‘Earn, Learn, Save Money for Future Use.’

According to Adeduntan, who addressed over 300 pupils at the school auditorium, Africans do not have solid savings culture, adding that the pupils should at their tender age imbibe the habit of savings.

The managing director said that First Bank as a financial institution was saddled with the responsibility of managing and saving monies for individuals, governments, corporate organisations and others.

He said that if all individuals and corporate organisations failed to save their monies in the bank, the situation could cripple businesses and cause major inflation in the economy.

Adeduntan said, “The circulation of cash promotes business and a business-driven economy is the bedrock of the nation’s growth and development. It is tantamount to economic sabotage when individuals start hoarding money, thereby crippling businesses which depend on cash to strive.

“Africans do not have solid savings culture. So, it is important that at this stage, you (pupils) will need to start learning how to save.”

He said that the programme was organised to educate the children aged 13 to 17 on the knowledge of financial literacy and entrepreneurship.

According to him, the bank has sent a delegation to 30 schools across the six geo-political zones to empower the students with requisite knowledge on financial literacy.

He advised the students to make good use of the entrepreneurship centre in the school with a view to acquire skills that would make self reliant after school.

“The 2017 edition of educating students on Financial Literacy is designed to reach out to about 3,000 students in 30 locations across the six geo-political zones in Nigeria.

“Since its establishment in 1894, First Bank has consistently built relationships with customers, focusing on the fundamentals of good corporate governance, strong liquidity, optimized risk management and leadership,” he said.

In his remarks, the Principal of the school, Rev. Fr. Christopher Okon, commended the bank for choosing the school as beneficiary of the Financial Literacy Education.

He, however, appealed to the bank to partner the school in the area of infrastructural development, scholarship for students and teachers welfare, among other areas.

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