Nigeria Deposit Insurance Corporation (NDIC) has sensitised no fewer than 100 secondary school students in Adamawa about the significance of savings for better tomorrow.
-Report By Ibrahim Abubakar
The corporation’s Zonal Coordinator in Yola, Victor Egba, said during the sensitisation on Thursday that the programme was to teach saving culture among students in commemoration of this year’s World Savings Day.
Our correspondent reports that the day is annually celebrated on Oct. 31 to raise awareness about the importance of savings, and has “Conquer Your Tomorrow Through Savings” as the theme for 2023.
Egba, therefore, said that “the main target is to make students start planning on how and where to save their monies for the future.
“One of the rationale for establishing the body is to protect depositors’ funds in banks; so that in the event of failure, they will not lose their deposits.
“Before, when banks failed, depositors lost all their monies but as it is now, NDIC and the Central Bank of Nigeria are trying to avoid a situation where banks will fail.
“Even if it happens, depositors are guaranteed payment of their sum.”
Dr Umar Pella, the Commissioner for Education and Human Capital Development, thanked corporation for the sensitisation and advised students to apply the experience into practice to succeed.
Pella, represented by Simnawa Geoffrey, the Chief Admin Officer in the ministry, described the sensitisation as a “catch them young initiative for the students to succeed in the future.
Regina Dimlong, Deputy Director NDIC, Abuja, who presented a paper on the mandate, functions, and activities of NDIC, said with the establishment of the body by the Federal Government, all savings are safe in banks that failed.
She added that the corporation, in collaboration with CBN, monitors all banks to ensure that they provide quality customer service.
She explained that “NDIC protects customer’s savings, but does not deal with customers directly except when banks fail.”
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