Bankit Microfinance Bank (MFB), a Pan-African fintech company, is using games to help Nigerians learn about managing money better. The bank believes that by making financial education fun, more people will understand how to handle their finances wisely.
The Chief Executive Officer of Bankit Africa, Yen Choi, explained that the goal is to make financial learning enjoyable and easy. “We want our customers to have the freedom and flexibility they deserve,” he said. “Our mobile banking app offers features like group saving, virtual card generation, foreign shopping, and contactless transfers.”
In Nigeria, many people lack basic financial knowledge. According to the Central Bank of Nigeria’s 2015 Financial Literacy Baseline Survey, 31.1% of people in cities and 68.5% in rural areas are not financially literate. This means they may struggle with budgeting, saving, or understanding financial products.
To tackle this issue, Bankit MFB has introduced a mobile banking app that includes gamified features. These features reward users for completing financial education modules and making smart financial decisions. By turning learning into a game, users are more likely to engage and retain information.
Other banks in Nigeria are also working to improve financial literacy. For example, First Bank of Nigeria taught over 3,000 students about money management during the 2023 Global Money Week. Similarly, Alert Microfinance Bank launched a program to train young people in financial skills, aiming to reduce youth unemployment.
Experts say that understanding money matters is crucial for personal and national economic growth. Financial literacy helps individuals make informed decisions, avoid debt, and plan for the future. By using innovative methods like gamification, banks can reach more people and make learning about finance less intimidating.
Bankit MFB’s initiative is a step towards bridging the financial knowledge gap in Nigeria. By combining technology and education, they aim to empower Nigerians to take control of their financial futures.
