The book is all about financial literacy and how the banking system can use the modern technology and innovation. It also explains about finances, monetary policy, investment, stock exchange, bonds and shares.

1. By: | Xtrimconcepts
GROWING
YOUR
MONEY
AN INTRODUCTION TO BASIC FINANCIAL
EDUCATION & MANAGEMENT FOR STUDENT

2. CONTENT
 Session One
Financial literacy
 session Two
Banking
 Session Three
Earning Money
 Session Four
Financial Planning
 Session Five
Loans
 Session Six
Using the ATM
GROWING YOUR MONEY - An Introduction to Basic Financial
Education & Management for Student

3. FINANCIAL LITERACY
Financial literacy- means learning to be smart about
how you make use of money you earn or spend.
What is money?
Money is any clearly identifiable object of value that
is generally accepted as payment for goods and
services and the repayment of debts within a
market. It is accepted as the legal tender within a
country.
Facts about money
Money is used to pay for various goods and services.
it usually take the form of bank notes (or paper
money), coins, treasury bills, bearer bonds and bank
balances. Before paper money and coins, other
forms of money were used in a process known as
trading or bartering or trade by barter. The first
coins were minted (made) around 2500 years ago.
 Paper money was first used in china over 1000
years ago
SESSION ONE

4.  The currency “Naira” is the name of the Nigeria
paper currency being used today
 The ‘Kobo” is the name of the Nigeria coin being
used today
 Trade By Barter – was the exchange of goods
used to satisfy a want e.g. I’ll give you my fridge,
if you give me your TV
 The trade by barter exchange method was used
in Nigeria.
 We also used various forms of money including
cowries and manilas.
EARLY FORM OF MONEY AROUND THE WORLD
 First metal money was made in china (1,200 BC)
 Silver coins were first used in Lydia &Turkey (500
BC)
 The use of leather currency started in china(118
BC)
 Cowry shells were used in Africa in the late 19th
century
INTRODUCTION OF PAPER MONEY

5.  Paper money was used as a promissory note to
be paid in coins
 Today paper money and polymer (plastic) money
is accepted around the world. They are also
called Bank notes
 Money is issues by a central bank or treasury in
countries around the world
HISTORY OF MONEY
 [1912-1959] West African currency Board (WACB)
was responsible for issuing paper currency or
currency notes
 [1959] Central Bank of Nigeria was established
and took over issuing currency notes and coins
from WACB
 Pound was the major unit of currency and
shillings was the minor unit
20-shilling = 1 pound
 Paper money was used as a promissory note to
be paid in coins
 Today paper money and polymer (plastic) money
is accepted around the world. They are also
called Bank notes
 Money is issues by a central bank or treasury in
countries around the world
HISTORY OF MONEY
 [1912-1959] West African currency Board (WACB)
was responsible for issuing paper currency or
currency notes
 [1959] Central Bank of Nigeria was established
and took over issuing currency notes and coins
from WACB
 Pound was the major unit of currency and
shillings was the minor unit
20-shilling = 1 pound

6. NAIRA AND KOBO
 [1973] Naira and kobo decimal unit of currency
was introduced by Head of State.
 Decimal unit of currency:
 100 kobo= 1Naira
 Naira is the major unit, kobo is the minor unit
 [1977] 20 Naira notes where the notes first
issued it includes a picture of National hero

7.  [1979]1 Naira,5 Naira and 10 naira notes were
introduced by the Central Bank of Nigeria
 [1991] 50 kobo and 1 Naira notes where made
into coins and 50 naira Notes were introduced
 [1999] 100 naira was introduced

8.  [2000] 200 Naira was introduced
 [2001] 500 Naira was introduced

9.  [2009] 1000 Naira was introduced
 [2009] 5,10,20 and 50 Naira were changed from
paper to polymer notes so that they can last
longer

10. Today…
 The world is using less and less cash and adopting
cashless technology!
 Replacing paper currency(cash) are:
-cheques and bank drafts
- Debit and credit cards
- Point of sale (pos) Machine
-Internet Banking
- Mobile Money
A CASHLESS SOCIETY
 Nigeria is not left out in the cashless trend, the
Central trend, the central bank’s cashless policy was
launched in Lagos 2012.
 Most bank have an internet banking platform for
easier access to their services
 Most banks can be accessed on the internet through
a computer or mobile phone

11.  It is possible to shop on the internet with your
account number poor bank card, you can buy music,
games, clothing and more online. Ask your parents
for help shopping online for your safety and security.
Common Currencies around the world
CURRENCIES SIGN CODE
US Dollar $ USD
Pounds Sterling ₤ GBP
Euro € EUR
Naira ₦ NGN

12. BANKING
Bank
It is an establishment authorized by a
government to accept deposits, pay interest,
clear cheques, make loans, and act as an
intermediary in financial transactions, and
provide other services to its customers
FINANCIAL INSTITUTION
 In order to register with a financial institution
such as a bank, you need to open an account and
then you will be assigned an account number
 An account is the record your bank keeps to
know how much money you have given them to
keep for you. It has your name on it so the bank
knows it is your money. You can put money in to
your account when you want to save and take it
out when you need it
 An account number is 10 digits long, it identifies
who you are to the bank.
SESSION TWO

13.  Biometric Verification Number- BVN gives a
unique identity to each bank customer that can
be verified across the Nigerian Banking Industry.
It further protects your bank account(s) from
unauthorized access. Your fingerprints will be
captured at your bank to create your own unique
BVN.
Types of accounts
The two main types of accounts that can be used to
save or keep money are a savings account and
Current account. But there are two other accounts
you should be aware of, which are: Time savings
(Fixed) Deposit Account and Foreign Exchange
Deposit Accounts.
Savings Account
 Allows you to save and withdraw your money any
time
 It pays a low interest, because you can withdraw
your money at any time
 The interest paid is calculated based on the
average balance in the account during the month
Current Account

14.  This type of account allows you to write cheques
 You get charged for the ability to use cheques
 May or may not accrue (pay) interest based on
your account balance
Time Savings (Fixed) Deposit Accounts
 More money must be kept in this type of account
over a longer period of time to earn a higher
interest
 When you open the account, you must agree
with the bank on the amount to be kept in it ,
how long the money will be kept, and the rate of
interest it will yield.
Foreign Exchange Deposit Account
 You open this account, make deposits and
withdrawals in foreign currency. Such as Dollars,
Pounds, Euro, Yen which are used in other
countries.
 They generally pay higher interest than local
currency accounts
FINANCIAL REGULATIONS
Financial regulation - is the overseeing or
supervision of financial institutions, by establishing

15. and enforcing requirements, restrictions or
guidelines, to maintain the smooth functioning of
the financial system.
This is done through either statutory or self
regulatory bodies
 Statutory regulator =established by law and
governed by government agency
 Self regulator = governs itself and its industry
with internal rules, codes of conduct and
oversight producers
Financial regulation maintains an enabling
financial environment for economic activities.
The main statutory regulatory institutions in Nigeria
are:
 Central Bank of Nigeria(CBN)
 Securities and Exchange Commission(SEC)
 Nigerian Insurance Commission (NAICOM)
 National Pension Commission(PenCom)
 Nigerian Stock Exchange (NSE)

16. OPENING OF AN ACCOUNT
This is a process of giving your bank your personal
information to generate a NUBAN number that can
enable you save your money. As a teenager, you can
also open a savings account with Fidelity bank.
DEPOSIT AND WITHDRAWAL
When your bank account has been opened, you will
need to make constant transaction like depositing
and withdrawing funds from your account.
POINT - OF – SALES TERMINAL (POS)
This is a device used to pay for goods and services
with your debit, credit or prepaid card.
MOBILE MONEY
This is the use of a mobile phone or device to
transfer funds or pay bills. Note, mobile money is
not always linked to bank account.
WITHDRAWAL SLIP

17. This is a paper slip that banks use with customers for
the purpose of collecting money from a bank
account.
DEPOSIT SLIP
This is a paper slip that banks use with customers for
the purpose of paying money into a bank account.

18. FILL OUT THESE DEPOSIT AND WITHDRAWAL SLIPS
CHEQUE
Cheques are financial
instrument used by current
account holder to make
personal or business
payments instead of using an electronic card or cash.
LOAN
A loan is money borrowed from a
financial institution which is usually
paid over a period of time with
interest.
INTEREST
Interest is an added fee paid on
money borrowed from a bank or
an individual.
OVERDRAFT
Overdraft allows an account holder
to withdraw more money than you have in your
account holder must pay back at an agreed time.

19. ONLINE BANKING
This is a means of payment by using electronic
devices to make transactions on your account, for
instance purchasing airtime or transferring funds
from one account to another
INVESTING
This is a decision to pledge
money into a business to increase
personal or business interest.
STOCK
This is a share of a company held by and
individual or a group. When profit is made at the
end of the year, dividend is paid to shareholders.
There are several types of stocks, and the two
most typical forms are: Preferred Stock and
Common Stock.
DIVIDEND
This is interest paid to stock holders based on the
amount of stock purchased from a company.
COMMODITIES
These are said to be material things that
appreciate over a period of time. A typical

20. example is gold.

21. EARNING MONEY
There are several ways by which you can get
money. This may be through services rendered,
pocket money given to you by your parent or
guardian, or relatives.
You can also get more money by engaging
yourself in holiday jobs throughout your holiday
instead of doing nothing meaningful.
EARNING MONEY
Money can be earned by engaging yourself in part
time jobs during your free time. .
Examples of work are:
 Banker
 Teacher
 Dentist
 Police officer
 Lawyer
SESSION THREE

22.  Engineer
Have you ever worked before and earned money?
You earn income from:
 By doing chores for your parents
 By using Your talents: athletics, singing,
modeling, etc.
 By working for an employer
 By making investments in stocks, real
estate, etc.
 By providing goods and services through
your own business.
 Active income - is earned by making an
effort:
 Earning a Salary from working
 Earning a Profit from your own business
 Passive income - is earned without making an
effort- e.g.
 Earning Royalties from people using work
produced by your talents e.g. sale of a
musician's CD, earns royalties.
 Money earned from investments e.g.
Dividends or Interest earned from a stock.

23. FINANCIAL PLANNING
Financial Planning - This is a way of identifying
your financial goals and objectives by creating
strategies to achieve them.
GROWING YOUR MONEY
 Ways to grow your money:
- Saving your money at a financial institution e.g.
Bank
- Making Investments
 This reduces the risk of unnecessary
spending, theft or loss of money, which gives
your money a chance to grow.
SPENDING MONEY
SESSION FOUR

24.  Money is spent on needs and wants
 Needs are things we cannot live without such
as food
 Wants are things we would like to have and
can live without such as a new Television set.
SAVINGS
Anytime you receive money from your parents,
relatives, friends or a job, always ensure you keep
a certain percentage. This is known as savings and
will always come in handy in an emergency.
WANTS AND NEEDS
We all have basic things we need in our daily lives
like: food, clothing and school supplies which are
a necessity for us. There are also many basic
things we want as young adults like fancy shoes,
Example of Needs
 Clothing
 Medical care
 Food
 Shelter
 Water
 Transportation
 Mobile phones
Example of Wants
 Electronics
 Jewelry
 Toys
 Video games
 Movies

25. video games and fancy purses. There come the
time to make decisions with our finances on what
we NEED and WANT.
BUDGETING
In order not to be impulsive, we have to learn to
make the rig decision on how we spend money.
Sometimes we can see something we like and
purchase it immediately without thinking, about
budgets. This can be avoided by creating a budget
for our wants or needs.
WHAT IS A BUDGET?
It is planning on how to spend your money. A
budget will contain your income, your needs and
wants, and how much you will plan to spend on
each.
ACHIEVING GOALS
This is a way of planning to achieve your personal
goals. This car helps you save your money
regularly. For instance you can put your weekly
earnings in a savings jar and at the end of the
week you can take all your savings to your bank
where your money will be kept very secure.

26. LOANS
We can borrow money for many reasons, like
starting a business, an emergency situation, and
even because we need money for our daily needs.
Taking a loan is not always the best decision to
make when we are short of funds because we
sometimes have to pay a high interest on the
amount borrowed. If that decision must be taken,
we have to make smart decisions on how the
money will be paid back.
PAYING BACK A LOAN
Paying back a loan is a big responsibility and
sometimes WE may not be able to pay the loan
we have taken in time. This is known as default
from an agreement. In such cases, it is important
that we ask for an extension from the lender to
give you more time to complete your payment. If
you have taken the loan from a bank, you will
have to pay an extra fee called default charges.
This helps with your credit rating.
SESSION FIVE
LOANS
We can borrow money for many reasons, like
starting a business, an emergency situation, and
even because we need money for our daily needs.
Taking a loan is not always the best decision to
make when we are short of funds because we
sometimes have to pay a high interest on the
amount borrowed. If that decision must be taken,
we have to make smart decisions on how the
money will be paid back.
PAYING BACK A LOAN
Paying back a loan is a big responsibility and
sometimes WE may not be able to pay the loan
we have taken in time. This is known as default
from an agreement. In such cases, it is important
that we ask for an extension from the lender to
give you more time to complete your payment. If
you have taken the loan from a bank, you will
have to pay an extra fee called default charges.
This helps with your credit rating.
SESSION FIVE

27. USING THE ATM
AUTOMATED TELLER MACHINE (ATM)
This is a computerized machine that permits you
to access your money without you going into your
bank. It allows you to withdraw money and even
transfer funds and/or pay bills such as airtime.
ELECTRONIC CARDS
(PRE-PAID, DEBIT & CREDIT)
These are cards that permit you
to perform cashless
transactions. There are three
types of electronic cards which
are Credit Cards, Debit Cards and
Pre-Paid Cards. Debit Cards allow
you to make transactions from
your available balance in your
bank account. Credit Cards give you access to
money that you loan from a financial institution.
Pre-Paid Cards are cards that are not linked to
any bank account. This card allows you to make
transactions based on the funds deposited unto
the card. It is similar to a debit card.
Personal Identification Number (PIN)
All electronic cards come with a Personal
Identification Number (PIN). This number grants
you access to your account at electronic channels.
SESSION ONE

28. It also protects your account from fraudsters.
Your .PIN must at all times be kept safe and must
not be revealed to anyone not even your bank
official.