The Nwa boy Financial apprenticeship system

The Nwa boy Financial apprenticeship system as an institution is allegedly a post war initiative mostly founded around the southeastern part of Nigeria after the Biafra war (civil war)1967-1970,so when we say this financial system becomes a child of necessity it simply implies that after the war the only way the economic might of this region could be reignited was to introduce a unique homegrown financial system known as the The Nwa boy Financial apprenticeship system or known as Igba-Boi, Imu-Ahia, or Igba-Odibo, as an informal scale financial sector.

A study in the USA shows that the system have garnered significant success both in human and capital development in helping to ameliorate the effects of war.

Benefits of the The Nwa boy Financial system

mentorship platform

This informal system create a platform for mentorship for young boys mostly here the apprentices is hope to be under the tutelage of the mentor for a certain aggreed years by all and sundry with the hope of learning the totality of both skills and financial managerial abilities of the business or crafts.

Financial acuteness

this platform provides the mentees the opportunity to learn and develop financial acuteness that is needed for the sustainability of the business. Nnewi of anambra state boasts of the highest numbers of billionaires by mile owing to this trend of financial acuteness developed in the process of skill’s development. Most of this mentees are funded with little resources as small as $600 but in turn businesses empire is built out of this merger amount.

Human capital development 

It accounts for the major platform for both human and capital development in the southeast of Nigeria, no longer a surprise that the Igbo of Nigeria pride themselves as among the wealthiest tribe in the world a vast number of industrialists have passed through this informal sector such as CEO of Innoson Vehicle Manufacturing(IVM), CEO of Coscaharis(Cosmas Maduka)and lot more. This system boasts the highest and most successful homegrown financial institution with the highest human capital development standard.

Challenges of the Nwa boy Financial apprenticeship system. 

A basic challenge faced by The Nwa Boy Financial apprenticeship system is the lack as follow

 lack of governmental control
Due to the lack of governmental control and supervision a lot of people are exploiting this lacuna to carry out some dehumanizing activities on their mentees.

Breach of trust and lack of transparency

power they say corrupt and absolute power corrupts absolutely. Like the hunter is always the hero in his own story so also is a mentee in a more disadvantageous position in the transaction of the Nwa Boy Financial apprenticeship system. The boss can wake up at any time and lay claims of theft or insubordination by the mentee which can lead to the dissolution of the initial agreement of financial settlement or empowerment after the end of the stipulated time on the initial agreement of the contract.

In conclusion, until a proper regulatory monitoring commission is set up to ensure and protect the integrity and growth of The Nwa Boy Financial Apprenticeship System it will never get the global recognition it deserves in the international financial community. if you find this article on The Nwa Boy Financial Apprenticeship System interesting leave us a comment your criticism will also appreciate.

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