The management of Ecobank Liberia embarked on a financial literacy training program to give young people the skills they need for socioeconomic empowerment as part of its efforts to alleviate poverty through capacity building.
The training is part of its activities to commemorate the 2022 Ecobank Day on the theme, “Leave No One Behind: Financial Inclusion for All.”
Additionally, the training is the first of its kind and is being carried on in partnership with UN Women, designed to impart critical financial management skills and knowledge by training 100 young people drawn from two slum communities, including Buzzy Quarter and Soniwein in Montserrado County, to become trainers and champions of financial literacy and economic empowerment among the youth.
On day one, 50 participants were also taught the importance of earning money and the guidelines for adopting a saving culture and soap making, while the second batch will be trained on Wednesday, in fashion and design, among other skills.
In her welcome statement, Joyce Marbloe, Head of Digital Sales and Commercial Banking at Ecobank, stated that the initiative will help participants develop a saving culture while making responsible financial choices and decisions, thereby positively affecting their future.
“We hope and believe that you will take this training seriously and serve as an ambassador for the Ecobank and others in your respective communities,” she said.
According to Marbloe, the training is the first of its kind for Ecobank Liberia to gather young people and older people to train them in financial literacy.
At the same time, Trokon Jackson, Head of Ecobank Customer Experience, told the participants that financial literacy is just the ability to understand and make wise decisions as an individual.
Jackson said that over 70% of Africans do not have income as a result of their poor decisions in terms of financial management.
He stressed the need for financial literacy in equipping individuals with knowledge of financial risk to make more informed choices and improve financial well-being.
Jackson, who drilled the participants at the beginning of the training, named earnings, savings, spending, liability, and investment as the five pillars of financial literacy that one should adopt to become successful.
“One big problem we have in Liberia is that we are very lazy because we don’t want to work, and the first aspect of financial literacy is that if you don’t earn money, banks will not want to deal with you.
“And if you must develop and change your life for now and going forward, learn how to earn money, spend money, save, avoid liability, and invest.”
Meanwhile, the training will climax on Saturday, November 27, with an exhibition marking the official celebration of the annual Ecobank Day to give back to communities where they operate.