NDIC seeks savings culture among students

The Nigeria Deposit Insurance Corporation (NDIC) has called for deepening of financial literacy and savings culture among secondary and tertiary institution students in Nigeria The Corporation made the call on Thursday at Government Secondary School Keffi during the World Savings Day celebration which had the theme: “This is not a Savings Account.” Dr. Bashir Mende […]

The Nigeria Deposit Insurance Corporation (NDIC) has called for deepening of financial literacy and savings culture among secondary and tertiary institution students in Nigeria

The Corporation made the call on Thursday at Government Secondary School Keffi during the World Savings Day celebration which had the theme: “This is not a Savings Account.”

Dr. Bashir Mende (Assistant Director), in his presentation on  the Mandates and Operations of NDIC noted that one of the operational mandates of the Bank is to protect depositors’ savings  and strengthen trust in banks as well as promote financial stability and  formal savings culture which supports financial inclusion.

He added that the World Savings day “is important as it promotes financial literacy and savings culture which is why the Corporation brought the campaign to a secondary school in Keffi to deepen awareness.

Also in his presentation, Mr. Abdullahi Ubam, Senior Manager at NDIC emphasised the need for investment in the 21st century noting that “it’s like planting a seed today so you can enjoy a bigger harvest tomorrow.”

Speaking on how students can invest, he said, “You can invest by starting or support a business, buv shares or stocks (which means owning a small piece of a company and earning from its profits), or invest in bonds (which means lending money to the government or a company, and they pay you back later with interest).” 

Ubam added that the theme for this year, “This is not a savings account,’ encourages looking beyond the traditional understanding of savings. It reminds us that saving is more than just setting money aside; it is a mindset, a culture, and a pathway to empowerment. Every amount saved, no matter how small, represents a step towards financial independence, future security, and resilience in the face of uncertainty.”

Also, Abdulrahman Abdul Keana, who represented the Commissioner for Education said it was crucial for NDIC to help in fostering financial literacy for these young students. 

“I crave for the indulgence of the NDIC to establish a club in our schools. This savings club in our secondary schools will actually harmonize and harness the culture of savings

“I believe the culture of savings will give them an avenue to understand the rudiment of life in the future because savings is very important and while growing up they will understand that,” he added.