The Nigeria Deposit Insurance Corporation, NDIC, has advised students to embrace financial savings, develop financial discipline on spendings for a productive and better living.
NDIC Sokoto Zonal controller, Mr Umar Kaoje-Bello, gave the advice on Thursday, at a lecture organised by the corporation to commemorate this year’s World Saving Day at Government Day Secondary School Gagi in Sokoto state.
In a presentation tagged, ‘’Conquer Your Tomorrow Through Saving ‘, Kaoje-Bello said, NDIC had been mentoring secondary school students on the benefits of efficient savings and money management.
He highlighted that, “the aim was to encourage financial prudence and management as well as encourage savings habits among students.
“The exercise provided an opportunity to educate youths on commercial and microfinance banks’ activities and dangers of keeping money in an insecure environment.”
Kaoje-Bello further urged them to be wary of financial frauds, which mostly occur through online banking, Point-of-Service operators and others, due to greed and eagerness to obtain cheap proceeds.
Mr Abdulaziz Jega, from Banking and Examination department of NDIC, said the agency was desirous to derive financial inclusion on peoples’ daily activities, especially the rural dwellers.
“The NDIC also wants to promote saving culture and financial planning. In spite of the difficulty in earning money, some people are still reckless with it due to the lack of budgeting.”
Jega explained that the primary objective of the deposit insurance system in the country was to protect the interest of small depositors, promote public confidence and ensure financial system stability.
He said the NDIC is responsible for paying half a million and below for commercial bank depositors and N200,000 for microfinance institutions, when liquidated.
In his brief remarks, Aliyu Omama, Assistant Commander, National Drugs Law Enforcement Agency, NDLEA, Sokoto state command, cautioned students on the dangers of drug abuse and related transactions.
The director of Quality Assurance in Sokoto State Ministry of Basic and Secondary Education, Alhaji Shehu Balarabe, lauded NDIC for bringing the programme to the schools and hoped it would help to inculcate in the students better monetary planning for their future.
