ABOUT CONSUMER EDUCATION & EVALUATION DIVISION (CEED)

The Consumer Protection Department has a key role in promoting knowledge and education to enhance consumer financial capability. The Consumer Protection Framework (CPF) includes "Consumer Financial Education" as one of its principles, which requires the development of a National Strategy/Framework for financial education. This strategy must, at the very least, address the following points:

  • Consumer Segmentation
  • Content Development
  • Strategy
  • Consultation and Collaboration
  • Monitoring and Evaluation

The core mandate and CPF led to the establishment of the Consumer Education & Evaluation Division (CEED). Consumer Education encompasses the process through which consumers improve their understanding of financial products, concepts, and risks. Through information, instruction, and/or objective advice, consumers can develop the skills and confidence to become more aware of financial risks and opportunities. This will help them make informed choices, know where to seek help and take other effective actions to improve their well-being.

The CEED has the following responsibilities:

  1. Developing financial literacy (FL) policies and content.
  2. Implementing FL programmes to increase individual knowledge and skills for making sound financial decisions.
  3. Evaluating FL and CP programmes through surveys and studies.
  4. Engaging and collaborating with stakeholders on FL and CP programmes, including policy, content, strategy, implementation, and impact assessment.
  5. Chairing the Financial Literacy Working Group (FLWG) for financial literacy activities in pursuit of the National Financial Inclusion Strategy (NFIS).
  6. Ensuring that FL activities contribute to the attainment of overall Financial Inclusion goals.

The National Financial Literacy Framework (NFLF), launched in 2015, provides a roadmap and policy direction for a CBN-led multi-stakeholder approach to deploying various financial literacy programmes for different segments/target groups of Nigerian society. The strategic objective of the Consumer Education and Financial Literacy Programmes is to:

  1. Restore and engender public confidence in the financial system.
  2. Enhance the Financial Inclusion agenda.
  3. Establish financial system stability.
  4. Promote a sound financial system in Nigeria.

The CEED is currently implementing the following financial literacy initiatives to achieve these strategic objectives: