NDIC urges students to embrace efficient financial savings, budgetary habit

The Nigeria Deposit Insurance Corporation (NDIC) has advised students to embrace efficient financial savings and budgetary habit for a productive and better living.

The NDIC Zonal Controller in Sokoto, Mr Umar Kaoje-Bello, gave the advice on Monday at a lecture organised by the corporation to commemorate this year’s Financial Literacy Day at Nana Girls’ Secondary School, Sokoto.

The theme of the programme is “Build your future, be smart about money.”

In a presentation, Kaoje-Bello said that NDIC had been mentoring secondary school students on the benefits of efficient savings and money management.

He said the aim was to encourage financial prudence and management among students.

Kaoje-Bello said it was also to accelerate investment growth in the nation’s economy through financial literacy, resource management, budgeting and saving culture.

He said the exercise provided opportunity to educate youths on commercial and microfinance banks’ activities and dangers of keeping money in unsecure environment.

According to him, good savings and proper budgetary habits would encourage prudence, transparent dealings and growth of businesses.

He advised students to utilise their skills on monetary value, power of choice, investment and planning, spending priority and other financial engagements.

Kaoje-Bello also 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.

He said that the agency remained committed to promoting savings, budget culture and remodelling of youths to improve their financial inclusion.

The Assistant Director, Banks Examinations Unit of NDIC, Mr Hassan Idris, 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.

“If you have a budget, you do not spend your money outside the budget lines,” Idris said.

He said 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.

The school Principal, Hajia A’Isha Abdulkadir, urged the students to take advantage of the event to change their attitude to saving money.

She commended NDIC for bringing the programme to the school and hoped it would help to inculcate in the students better monetary planning for their future