NDIC trains students on financial discipline, saving culture in Sokoto

The Nigerian Deposit Insurance Corporation (NDIC) has urged high school students in Sokoto State to absorb the proper financial disciplines and culture of savings for a productive life.

Speaking at Sani Dingyadi High School, Sokoto, on Thursday, NDIC Zone Controller, Sokoto Office, Umar Kaoje-Bello, said the initiative would encourage financial prudence and resource management among students.

According to him, the activity is part of the annual commemoration of World Savings Day 2021 with the theme: “Understanding the importance of saving.”

He said NIDC was committed to promoting the culture of saving and reshaping youth to enhance their financial inclusion and increase investment growth in the nation’s economy.

Kaoje-Bello said the campaign on Financial Education, Resource Management and Budgeting, Saving Culture was launched across the country by the NDIC to encourage poor Nigerians to conserve their money and make smart investments.

He said the exercise also provided an opportunity to educate young people on how to keep their money safe in designated banks rather than keeping them in an unsafe environment to be termite mutilated or robbed.

Mr Kaoje-Bello emphasizes the importance of money-saving habits among Nigerian students, as part of efforts to “Catch Them Young” to cultivate good financial habits.

He said that good saving habits would promote prudence, transparency and growth of companies, in view of the need to generate empowered individuals in society.

The controller urged participants to beware of financial fraud that occurs through online banking services, point-of-service (POS) operators, among others, which, it said, occurred primarily due to greed. and the eagerness to obtain cheap profits.

He said NDIC had basic mandates for depositor guarantee, bank supervision, fault resolution and bank settlements.

He said that since 1994 the NDIC had carried out liquidations of 49 depository money banks (DMBs), 367 microfinance banks (MFBs) and 51 primary mortgage banks (PMBs) in Nigeria.

“The main objectives of the Deposit Insurance System (DIS) in Nigeria are to protect the interests of small depositors, promote public confidence and contribute to the stability of the financial system.

“As of August 2021, there are 30 money deposit banks, 874 microfinance banks, 34 primary mortgage banks and 22 authorized money offices,” he said.

He said that NDIC staff were trained to uphold the values ​​of integrity, responsibility, respect and fairness, discipline, teamwork, passion and professionalism in the performance of their duties.

In her presentation, NDIC Asset Management Department Director Emily Osuji, represented by Iwaloye Ehinlaiye, said that NDIC wanted to achieve financial inclusion for the students and people of Nigeria.

Ms Osuji noted that the selected areas include rural areas to educate them about the financial system in order to take advantage of the benefits available in the financial system to drive their business growth.

According to him, the NDIC will also promote the culture of savings, financial products and ensure that people appreciate the security that is available to maintain their financial resources in the nation to generate investment opportunities.

“Even though money is hard to earn, some people still spend money because they don’t budget for it. If you have a budget, you don’t spend your money outside of the budget.

“We want to encourage all of us to reach out to each other. We are not going to take anything, when we die, we leave everything and go alone, ”said Ms Osuji.

Likewise, the school director, Umar Moyi, urged the students to take advantage of the educational event to have a change of attitude to properly save their money.

He commended the NIDC for bringing the financial literacy workshop to the state’s high school youth.

He noted that the event was very important and timely, adding that it would instil the habit of planning approach as the key to success.

He said, “Let me use this medium to express my greatest appreciation to NDIC for bringing this memorable program to our youth in high schools.”

The State Commissioner of the Ministry of Basic and Secondary Education, Bello Guiwa, who was represented by the Director, Aliyu Jodi, expressed the gratitude of the state government for the intervention of the NDIC in teaching their districts how to save through thick and thin.

The event featured questions and answers on banking and other financial insights, as well as a presentation of lectures on different topics.