CreditRegistry has set an ambitious goal of improving financial literacy for three million Nigerian families by the year 2030, aiming to equip individuals with the knowledge necessary for creating generational wealth. The initiative, spearheaded by the organization’s Managing Director and CEO, Dr. Jameelah Sharrieff-Ayedun, emphasizes that financial literacy is pivotal for wealth creation. She articulates that credit extends beyond being merely a numerical figure; it functions as a vital tool that facilitates access to financial freedom. Through the annual Africa Credit Expo, the organization seeks to empower Nigerians from various demographics—students, small business owners, and families—by providing essential skills for effective credit management and wealth building.
At the core of this financial literacy initiative are multiple aspects, including savings, investments, insurance, and credit management. Sharrieff-Ayedun envisions a future where Nigerians not only have access to credit but also possess a clear understanding of its responsible use. The ultimate goal is to enable individuals to cultivate strong credit profiles that can pave the way for wealth creation across future generations. The Africa Credit Expo, co-founded with AfreximBank, serves as a platform where experts from a myriad of financial sectors converge to impart knowledge and insights to the public on these significant topics, reinforcing the notion that having the right information empowers individuals not just to survive but thrive economically.
Recognizing the potential benefits of informed credit management, Sharrieff-Ayedun noted that CreditRegistry’s financial literacy initiative has already positively impacted over a million Nigerians. Initially launched in 2023, the program has utilized various channels, including webinars and in-person seminars, to reach its audience. There is an intention to continue expanding outreach efforts, aided by partnerships and sponsorships from like-minded organizations committed to fostering financial education. Fatoumata Coker, the Chair of CreditRegistry, echoed the importance of heightened credit awareness in Nigeria, stressing that many citizens are not even aware of their entitlement to a free credit report annually. Shifting public focus from businesses to individual consumers is also part of the initiative, aiming to ensure that individuals recognize the advantages of maintaining good credit.
Highlights from the expo included impactful discussions led by a panel of industry leaders, particularly centered on financial literacy and wealth-building strategies tailored for Nigerians, especially women. Moderated by Coker, the panel delved into financial empowerment and emphasized the pivotal role women play in nurturing wealth within their communities. Among the panelists was Yetunde Oni, CEO of Union Bank, who accentuated the importance of personal development, discipline, and establishing a reputable financial identity. She underscored the need for a robust character, advocating that the credibility built through banking relationships is essential for accessing credit and scaling up businesses in Nigeria’s economic landscape.
The panel also featured Tosin Leye-Odeyemi, Head of Risk at Stanbic IBTC, who spoke passionately about the need for mentorship in advancing financial literacy. She encouraged women to take initiative in educating their families and communities, noting Stanbic IBTC’s efforts to support women-owned enterprises through favorable lending terms and capacity-building programs. Furthermore, Folasade Femi-Lawal, Country Director of MasterCard, highlighted the instrumental role of education and digital tools in fostering financial inclusion, particularly for women. She elaborated on MasterCard’s initiatives aimed at supporting startups, promoting STEM education among girls, and connecting women entrepreneurs to the digital economy by 2025, thereby broadening their scope of opportunities.
Finally, Yemisi Ransome-Kuti, Co-founder of Lagos Island Connect, contributed insights about the significance of integrity and trust in business success and creditworthiness. She urged the youth to cultivate strong character traits early in life, depicting personal responsibility as crucial for long-term prosperity. Collectively, the discussions emphasized a need for unified action to enhance economic well-being in Nigeria. By fostering a culture of financial literacy and responsibility, the initiative positions Nigerian families on a path toward sustainable wealth creation, aiming to transform how future generations manage financial resources. This ambitious endeavor reflects a deep understanding of the barriers faced by many Nigerians and seeks to dismantle those barriers through informed financial behaviors and attitudes.
