The Ant Bank… One Child, One Bank Savings Campaign

In The beginning

• Savings was part of the culture of the different tribes and ethnic groups in Nigeria

• People save for different reasons – Festivity, Ceremonies, Capital projects, Education, etc.

• Many decades ago, education was incomplete without the culture of savings signified by ownership of an African clay savings box called ‘Kolo’ in Yoruba

Kolo – The Clay Savings Box

Facts about Nigeria and Banking Knowledge

2008 survey reveals a startling lack of financial knowledge and banking/savings culture

• More than half surveyed had never heard of a savings account or insurance.

• 1 in every 3 unaware of interest on savings• 3 out of every 4 never heard of a debit card or

and/or automatic teller machine• Fewer than 1 in every 4 knew about pension

planning and/or loans from financial institutions.

Today – Season of Instant• Young people and adult alike are loosing the virtue

of delayed gratification because everything seems to be at the speed of light

• Instant Gratification breeds corruption and corruption breeds all manner of unimaginable crime both to self and humanity

• Many people are poor and many are becoming poor everyday

• Mostly because we are loosing the age-old culture of savings

The Quest To Bring Back Savings Culture

To be or not to be? • The strategies – Habit Formation Process

• Exposure –Financial Literacy and Education – inclusion in Curriculum• Tools for Interaction for Savings – Ant bank• Repetition – School Savings Clubs/Seminars / Savings Day

Habit Formation Process• Exposure Response Repetition

Which Savings Tool?

• The Cumbersome Clay or Light Re-useable Plastic that is child-friendly?

• The old boring breakable Clay, The Piggy Bank or The New Ant Bank?

• The Journey Begins …. Teach Children to Save Initiative – One Child, One Bank Campaign!

One Child; One Bank, Savings Campaign Goals

• To distribute 1,000,000 specially designed Savings Boxes (Ant Banks) free to children and youths all over Nigeria as a tool for encouraging savings culture

• To empower 1,000,000 Children and youth with financial literacy education

• Facilitate the opening of 300,000 new savings accounts for children and youths

• Encourage savings culture through Media campaign and My Savings My Future Television Program

Enters the Plastic Ant Bank

The Ant Bank

Beautiful

Colorful

… and Child Friendly

Why Not The Piggy Bank?

• The pig or swine is abhorred by both Muslims and Christians in Nigeria

• The two religion accounts for more than 80% of the religious and cultural inclination of the entire population

• Many will want nothing to do with the image or representation of the pig in their homes

Why Ant Bank and not The Piggy Bank?

• Anything that will be used to encourage savings must have a universal appeal both culturally and spiritually

• Ant symbolizes hard work and saves for the future by storing up food

• Even in traditional beliefs the Ant is seen as a sign of abundance

• Though small in size, they achieve great feat working together meaning that the size of your savings may be small but over time it will become great – able to help you achieve great things.

The character of the Ant

Children and youth can learn a lot from the Ant• The Strongest animal by size• A compulsive saver• Very courageous • Clean and socially conscious• Disciplined• Ready to sacrifice self for good of others• Delays gratification for future gains• Environmentally friendly• Good manager of resources• Saves IN THEir BANK!

The Cultural and Religious Preference for the Ant

• The Bible Says ‘... go to the ant; ponder her ways and grow wise,” (Prov. 6:6)

• African mythology says, ‘a nest of ants near your door means you will grow rich

• The Quran also refers to the taking ant in (Qur'an, 27:18) "Ants! Enter your dwellings,."

The Ant has Universal, Cultural and Religious Acceptance. We envision that soon children around the world will take the

ant bank as a tool and first step to learning to save

Story of the Cartoon Strip

• The Adventure of Zak

Zak Saves The Day!

Teach Children to Save Summit 2011

Seminar for Children In a Church

Contact Details

Financial Literacy For All(Teach Children to Save Initiative)

19, Martins Street,Lagos

www.financialliteracyforall.org234 8023005235