Why Financial Institutions need to play a Role in Digitalizing the - PowerPoint PPT Presentation

Why Financial Institutions need to play a Role in Digitalizing the Educational System UZOMA DOZIE CEO, Diamond Bank 29 FEBRUARY 2016

Outline 1 Rebuilding Nigerian Educational System in a Cost Effective Manner 2 Nigeria vs. Advanced Countries: Using Technology & Digitalization to Bridge the Education Gap 3 Diamond Bank: Our experience and Expertise in Digitalization 4 Way forward - Digitalization as the only Sustainable Solution 2 I The Roles of Financial Institutions in Digitalizing the Educational System

Background 1 Rebuilding Nigerian Educational System in a Cost Effective Manner 3 I The Roles of Financial Institutions in Digitalizing the Educational System

A look at available Data… No fewer than 1.8 Nigeria - Literacy Rates million Nigerian 59.60% Total population graduates move into the 69.20% Male labour market every year . 49.70% Graduate unemployment is Female estimated at 40% About 70 million Nigerians use the internet. Illiteracy might not be as bad as available reports suggest Average Budget Allocation to Education 31.0% 2015 30.0% Budget 25.8% : 8.7% 23.0% Over 10.5million 9.0% Nigerian children are out of school, the highest globally and 10% of global total. Gnana Cot d'Ivoire South Africa Kenya Nigeria 4 I The Roles of Financial Institutions in Digitalizing the Educational System

The Missing Links There are some structural issues that has limited educational development in the country. Wrong orientation and poor infrastructure are key. 4 1 2 3 Industry Orientation Infrastructure The Standard Disconnect Gap • There must be a hand- There is systemic • The students must see • • Education is “Qualitative” shake between higher infrastructure challenge education as not for the only when it adapts to the institutions and in the education sector, purpose of getting a job, but need of the population. industry/businesses in requiring huge for the development of the • High educational standard terms of manpower investment across board. human capital in them. is a function of the training and research. Infrastructure is critical to • The lecturer –student • curriculum, quality of • Students should be made the quality of teaching relationship in the country teachers and materials, to go on compulsory and learning across all is poor. The duo are plus the efficiency of internships/Industrial education levels. stakeholders in the learning delivery. attachments to match The IT age calls for a total process. • • A number of factors affect theory with practice. infrastructure overhaul Optimal research interests • the standard of education The industry must across schools as learning • and reading culture is in Nigeria: funding, low support educational has gone digital. lacking amongst students. quality teachers, crude institutions through CSR This is an intellectual technology, etc and other initiatives. challenge. 5 I The Roles of Financial Institutions in Digitalizing the Educational System

Cost Effectiveness Analysis in Education Cost-effectiveness analysis (CEA) in Education compares the relative costs and outcomes (effects). Education that is driven by technology yields a most effective learning outcomes. EFFECTS More Effective, Less Expensive Less Effective, Less Expensive Overt disregard for average standards, occasioned by ill This is the desired outcome in the long run in the education § § motivated teachers and dysfunctional curriculum. sector Unjustified attention to cost minimization at the expense of The cost of learning per head is minimal, while the learning § § quality. outcome is optimal. C Lack of investment in teaching and learning infrastructure Investment in technology is the only means to achieving this § § Teaching and Learning becomes uninteresting and enviable stage. § O unprogressive Online and Distance learning education are good enablers. § S Less Effective, More Expensive More Effective, More Expensive T This is a case of gross mismanagement of resources, and § In the earlier stage of technology adoption, appreciable § inappropriate use of available technology. effectiveness is attained, but at high cost. Government and private sector grants are often diverted to § Majority of the cost component are from dysfunctional § research and teaching methodologies that does not speak to infrastructure and lack of requisite skill to optimize the economic realities. machineries. Some pedagogy tools and methodologies in high tech fields § are designed to be both effective and expensive 6 I The Roles of Financial Institutions in Digitalizing the Educational System

How do we Rebuild? Investment in Education is important, but much more important is correcting the current structural dysfunctionality within the system. Industry Structural Resource We need to change Collabora The available Reform More than ever Matching the structural resources must be tions before, the dysfunctionality efficiently educational sector before funding. channeled into must collaborate Education is not “to areas of with the industry in get a job”, and comparative terms of research teaching should be advantage. and manpower borne out of Specialized schools development. passion. will go a long way. Address Lets go Innovative The adoption Financing is at the Lastly, we must Brain Digital Financing technological core of the desired ensure that the Drain innovations in transformation. quality human learning is Banks must design capital is retained compulsory. 21 st products that and made to century universities speaks to the contribute to must utilize current challenges knowledge and technology to faced by learning national impact knowledge. institutions. productivity. 7 I The Roles of Financial Institutions in Digitalizing the Educational System

The Tech Advantage 2 Using Technology & Digitalization to Bridge the Education Gap between Nigeria and the West 8 I The Roles of Financial Institutions in Digitalizing the Educational System

Taking a Clue from Western Education (1/2) If only we can adapt these innovations widely used in the west, we will bridge the country’s knowledge and manpower gap considerably Online Programmes Digital Library E-Books & Learning Materials § Majority of universities and colleges in the US and § Western world has optimized digital library to § Most schools in the developed world have a deep Europe have online degrees, enabling learners enhance teaching and learning over the past culture of e-books and electronic hand-outs and around the world to take education out of schools two decades. study notes. into their homes, libraries, internet cafes, work § Major upsides of digital library include the § New generation e-books have been interlinked places, and on their smart devices on-the-go. collection of digital objects that can include with online information, making them able to § The decision of what to learn, when to learn text, visual material, audio material, video include images, videos and related up-to-date what, how to learn, and even the duration of the material. information. learning has been demystified by technology. § Digital Libraries has no physical boundary, and § E-Books are environmentally friendly. Less § University lecturers and teachers now work and gives the student round the clock 24/7 access textbooks and homework sheets being handed interact with simulations that enable students to the information; whether during academic out during class, saving the paper, ink and trees. long-in to on-line real time lectures and session or during holidays. § Innovations in smart technology has reduced the participate through their internet connected § Digital libraries provides very user-friendly unit cost of tablets considerably. devices. interfaces to students, and integrate then into § Most students in Nigerian secondary and tertiary § Online education has been tested and a wider community of researchers in their institutions will acquire tablets if schools create a acknowledged as the most formidable means of chosen field. platform for using them to learn. 9 expanding knowledge frontiers.