Financial Literacy Committee Update August 2017

The Technical Committee on Financial Literacy presented key projects, including infusion of financial literacy into school curriculum, online training platform development, and partnerships for spreading financial awareness. The funding structure and budget for 2017 were also outlined, along with proposed sponsors for various projects.

• Financial Literacy
• Committee
• Update
• Projects
• Funding

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1. Technical Committee on Financial Literacy Update Presentation to CMC August, 2017

2. Introduction & Key Projects The TC has met four times this year & received nominees from PENCOM, FIRS and NAICOM but awaits rep from DMO. Capital Market Studies Project Infusion of CMS into National School Curriculum School curriculum partnering NERDC. Development of Online Financial Literacy Training Platform. Partnership with NTA, Channels and AIT for weekly content on Business Programs and Business News. Social Media Campaign - #oneminutefinance #financialliteracy with Online Videos etc Universities Essay Competition, Secondary School Quiz. Primary School Mathematics Game Project. Presentation at CMC August 2017 2

3. Finance The Committee s 2017 Budget is about N160m and Expected to be funded through a combination of methods:- Fixed contributions (levies) on Trade Groups, CMOs For CMS Project Donations by SEC and other financial market stakeholders, to be sought with the support of the SEC For Other Projects Voluntary (Branded) Donations for Specific Projects are welcome Technical Committee On Financial Literacy 2017 Presentation at CMC August 2017 3

4. Proposed Funding Structure by Market Stakeholders for the Implementation of CMS in Schools and Proposed Sponsors S/N PROPOSED FUNDING STRUCTURE BY MARKET STAKEHOLDERS FOR THE IMPLEMENTATION OF CMS IN SCHOOLS ESTIMATED COST PHASE PROPOSED SPONSORS CUSTODIAN S REGISTRAR S SEC NSE FMDQ CSCS NASD ISSUING HSE ASHON FUND MGRS S & RAs TRUSTEES TOTAL I Phase 1 (Development of Content) Planning & Writing 6,162,000:00 Critique & Editing 5,477,000:00 2Sub- total 11,639,000:00 Phase 2 (Infusion of Developed Content) Planning & Writing 11,252,000:00 Critique & Editing 10,056,200:00 3Sub- total 21,308,200:00 Phase 3 (Dev. of Teachers' Guides) Planning & Writing 11,096,000:00 Critique & Editing 9,851,000:00 4Sub- total 20,947,000:00 5Phase 4 (Presentation to JCC/NCE)1,356,000:00 Phases 5 & 6 (Printing & Distribution 6 of Curricula and Teachers' Guides) 22,236,000:00 Phase 7 (Training of Teachers) 33,948,000:00 16,000,000: 12,000,000:0 12,000,000: 12,000,000: 5,000,000:0 14,000,000:0 8,000,000:0 10,000,000: 10,000,000: 6,000,000: 5,434,200: 6,000,000:0 116,434,200:0 TOTAL FLTC : Financial Literacy Technical Committee TGRPs: All Trade Groups 116,434,200:00 00 0 00 00 0 0 0 00 00 00 00 0 0

5. Proposed Funding Structure for the rest of FLTC 2017 Budget National Quiz, Essay, Games, e.t.c and Proposed Sponsors S/N PROPOSED FUNDING STRUCTURE FOR THE FLTC 2017 BUDGET - NATIONAL QUIZ, ESSAY, GAMES, e.t.c PHASE ESTIMATED COST CBN SEC PENCOM FIRS NAICOM DMO TELCO TOTAL 1PROJECT 1 : ESSAY COMPETITION 2,000,000:00 2PROJECT 2 : NATIONAL QUIZ 41,629,625:00 3PROJECT 3 : GAMES 9,600,000:00 5 PROJECT 4 : SOCIAL, PRINT & ELECTRONIC MEDIA 16,359,000:00 6PROJECT 5 : E-LEARNING PLATFORM 15,000,000:00 7CONTIGENCIES 4,000,000:00 88,588,625:00 28,000,000:00 16,000,000:00 10,000,000:00 14,000,000:00 5,588,625:00 5,000,000:00 10,000,000:00 88,588,625:00 TOTAL FLTC : Financial Literacy Technical Committee of the CMC

6. Conclusion We would sincerely appreciate the cooperation of all CMC members as letters are issued requesting the funds this week. Long term Partnerships with Regulators, Donors, Trade Groups, Governments at all levels, Media Agencies and Educational Institutions will be critical to the achievement of the TC s Terms of Reference. Again, the SEC s backing in getting Trade Groups to make mandatory Financial contributions will be helpful as envisaged in the 10 year Capital Market Master Plan. Presentation at CMC August 2017 6