From our news desk, Benin
The students of Niger College and Maria Gorretti secondary school; Benin, Edo State Capital were on Monday, 6 November, 2023 lectured on the culture of savings and financial literacy, by the Nigeria Deposit Insurance Corporation (NDIC).
The lecture session NDIC said, was to mark the 2023 World Savings Day; an annual event at the instance of the Bankers Committee usually targeted at the young people.
Deputy Manager, NDIC, Benin Zonal office, Obembe Bayo representing the Deputy Director and Controller, NDIC, Benin Zonal office, Mrs. Okosun Patricia lectured the students on paper (I): theme of this year's event; 'Conquer your tomorrow through savings'.
While paper II: 'Mandates and Operations of Nigeria Deposit Insurance Corporation' was taken by the senior manager, Communication and Public Affairs department, NDIC, Sa'adatu Bowsan.
Essence of the day was to encourage the culture of savings and the healthy financial habit of the individual, Bayo told the students.
He stressed, money is saved for the raining day; and towards actualisation of this, different accounts: fixed deposit, savings, current amongst others, could be opened with multiple established financial institutions.
Saying that budgeting is the key element of savings, it is the instrument which helps as guide on how money is spent between wants and needs, Bayo lectured the students.
Delivering paper II: 'Mandates and Operations of NIDC' Mrs. Bowson gave a run down of the history of the Corporation, and its mandates.
The core mandates: (a) Deposit Guarantee (b) Banking supervision (c) Failure resolution and (d) Bank liquidation which is the last step of action, she lectured.
NDIC protects depositors money with banks, through the Deposit Insurance System (DIS) no matter how small the amount.
This is done on a tripartite format: the depositor, bank which pays premium to the Central bank of Nigeria on behalf of the depositor, and the CBN itself.
The bank pay premium on the ratio of the risk it carries; the higher the risk, the higher the premium, the students were lectured.
NDIC also builds confidence and contribute to the financial system stability, the lecturers said.
As the Corporation serves as a financial guarantee to protect depositors in case of imminent or actual failure of the bank, it was added.
Mrs. Bowson gave data statistics of the Corporation liquidation activities as having covered a total of about 754 banks since 1999 to 30th October, 2023.
The breakdown, she said; 49 Deposit Money banks (DMB), 650 Microfinance banks (MfB), and 55 Primary Mortgage banks (PMB).
In an interview with our reporter, She explained that the Corporation took the lecture to schools following the Bankers Committee idea of World Savings Day; and NDIC as a member.
"Part of the mandate of the Committee is to take sensitisation to young people in line with the phrase: 'catch them young'. The whole idea is to inculcate the culture of savings in young people in Nigeria.
"NDIC as an organisation, has always been very particular about reaching out to schools; secondary and tertiary institutions not only to talk about the mandates of the NDIC, but teach about the culture of savings and financial literacy especially because when we do that we have a better society, a better informed young adults coming in to society and at the end of the day, a better society is achieved."
The World Savings Day was established on October 31, 1924, 99 years ago during the 1st International Savings Bank Congress in Milan, Italy.
The Italian Professor Filippo Ravizza declared this day the "International Saving Day" on the last day of the congress, it was said.
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