2023 Financial Literacy Day: NDIC Urges Students To Plan For Future

The Nigeria Deposit Insurance Corporation (NDIC) has organised a one-day sensitisation campaign for Senior Secondary School students in Jos the Plateau state capital  to celebrate the 2023 Financial literacy day.

Our correspondent reports that this year’s campaign with the theme: ‘Plan Your Money, Plant Your Future’ had in attendance students from different secondary schools in the state where they were lectured on the Mandate and Operations of the NDIC.

One of the lead presenters Mr Alfred Ijah from NDIC Department  of Communication and Public Affairs, challenged the students to plan for their future adding that the vision of NDIC is to be one of the best Deposit Insurers in the World with a mission to protect depositors and contribute to the stability of the financial system through effective supervision of insured institutions.

Other missions of the corporation according to him include the provision of financial/technical assistance to eligible insured institutions, prompt payment of guaranteed sums and orderly resolution of failed insured financial institutions.

He further disclosed that NDIC was established with the responsibility of administering a Deposit Insurance System (DIS) in Nigeria stressing that it is a financial guarantee to protect depositors in the event of imminent or actual failure of their banks.

“In doing this, the corporation insures deposit liabilities of all licensed deposit-taking financial institutions, thereby helping to maintain financial system stability.”

Ijah also argued that membership of the DIS is mandatory for all licensed deposit-taking financial institutions comprising Deposit Money Banks (DMBs), Non-Interest Banks (NIBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs) and Payment Service Banks (PSB) among others.