Picture this: Gbenga works at a leading consulting salary and earns a decent salary of N500,000 monthly. However, in the third week of the month, Gbenga is always caught up in an unending borrowing cycle to meet his expenses.
This scenario shows that Gbenga’s problem is not how much he earns but what he does with it. A Central Bank of Nigeria’s Financial Literacy Baseline Survey Report shows that financial illiteracy stands at 31.1% in urban areas, making a case for the dilemma Gbenga and many other employees face.
It’s no news that employers have made great strides to improve their employees’ financial wellness through on-demand pay and employee loans. However, employees must also be financially literate to make informed financial decisions.
In this guide, we’ll explore financial education tools for employees and how to utilize them to gain financial literacy actively. In no particular order, we have;
SabiMONI
Launched by the Central Bank of Nigeria (CBN), the SabiMONI app is an e-learning platform that offers financial education for those interested in becoming Certified Financial Literacy Trainer (CFLT) and consumers who want to improve their financial well-being.
The SabiMONI e-learning platform is designed to train as many people as possible with up-to-date financial tools and resources at no cost. SabiMONI gives you access to interactive financial literacy courses, which you can learn at your convenience for free. After your final assessment, you’ll be given a certificate signed by the CBN.
To enjoy the services the SabiMONI app provides, you have to register on the app or via their website, and then proceed to fill in the required information.
Money Africa
Money Africa is a financial literacy platform that teaches people to cultivate healthy financial habits, cut unnecessary expenses and generate multiple income streams. The organisation aims to teach people all they need to know about finance and investments to enable them to make informed decisions and take their finances to the next level.
Money Africa aims to raise a generation of financially educated people, and in line with this vision, the company trained over 10,000 African women in Investing and Financial Planning. The women were taught by financial experts on topics like; Investing, Understanding Stocks, Money and the mindset, Mutual Funds and Debt Management. Certificates were issued upon course completion.
Visit Money Africa to begin your financial literacy journey.
Investmate
Investmate is an app designed for users to learn finance fundamentals on the go. With its user-friendly interface, Investmate provides a comprehensive, free toolkit with various learning materials, including 30+ courses with short lessons that take less than 5 minutes to complete.
Courses and lessons on Investmate are bite-sized and presented as handy cards, enabling users to study finance and trading anywhere, anytime. You can also enable daily reminders to keep on track with your learning and help you to reach your Investmate goals.
Investmate can be downloaded on Google or IOS stores, after which you proceed to register and begin your financial literacy journey.
Trove Finance
Trove is a financial technology that appeals to the needs of millennials. As such, the mobile app is designed with the users in mind.
While this is not strictly a financial education platform, Trove helps you invest in both local and international financial markets with the tap of a button. You can buy and sell stocks in Fortune 500 companies such as Apple, Alphabet, and Tesla while investing in local companies listed on your domestic stock exchange.
You only need to download the Trove app, provide your email address, answer a few questions, deposit money, and start investing. You can download the Trove app on Google or IOS stores.
LEARN by Earnipay
Earnipay is the all-in-one place for finance, operations and employee benefits. Its Learn platform is a financial education platform where employees can access various finance courses, including personal finance, investing, retirement planning, insurance, budgeting, and more, for free.
These topics are taught to users through articles, videos and other resources. At the end of each article, there are a series of questions which users can attempt to test their understanding of the course material.
The content is structured in a way that is easily comprehensible to every user, irrespective of their financial background.
The LEARN platform self-paced course is free and open to everyone. Upon completion, users are awarded a badge to add to their LinkedIn profile. To access this platform, head to your App Store or Google Playstore to download the Earnipay app and sign up. Then, you can begin exploring this financial education tool.
N.B To use Earnipay as an employee, your employer must onboard you.
Parting Words
Making financial decisions is never easy, but being financially educated can help you make informed financial choices. The more financially literate you are, the more effective you will be in responsibly managing your money.
Don’t just make money to spend; make money to invest money. Get financially educated today by utilising any of the aforementioned platforms.
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