Building Financial Future: Experts Emphasize Importance of Insurance, Digital Payments, and Investment for Youths at FiBOP Forum
Experts from the telecommunication, banking and insurance sectors have emphasized the need for Nigerian youths to be conversant with insurance, digital payments, and investment early in life.
This was highlighted at the 2025 Finance and Business Online Publishers Association (FiBOP) Youth Capacity and Empowerment programme held in Lagos.
According to Mojisola Ogundipe, Senior Manager and Team Lead at AIICO Insurance PLC, insurance is a system of protection against financial loss, providing help during accidents, illness, or disasters.
She explained various types of insurance, including life insurance, health insurance, vehicle insurance, education insurance, and home insurance, noting that each serves a specific purpose in managing risk and financial uncertainty.
Ogundipe also described digital payments as the future of money, enabling payments and receipts using phones, cards, or computers.
She listed common digital payment methods, including mobile wallets like Google Pay and Apple Pay, bank apps, debit/credit cards, and QR codes.
On investment, Ogundipe said it involves putting money into something to earn more over time.
She mentioned types of investments, such as savings accounts, fixed deposits, mutual funds, stocks, and cryptocurrency, warning that the latter is highly risky.
In his opening remarks, FiBOP President Charles Onwuatogo emphasized the need for youths to understand these concepts to navigate the future financial landscape effectively.
“As the financial sector becomes more dynamic, a better understanding of the sector will aid speedy growth and development, particularly insurance, which, despite its importance, is grossly misunderstood,” he said.
The experts agreed that insurance protects life and assets, digital payments are the new normal, and investments are crucial for the future.
They encouraged Nigerian youths to adopt these financial tools early in life to drive financial inclusion and secure their financial futures.
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