Nigeria Deposit Insurance Corporation launches initiative to promote bank savings among students in Anambra state

The Nigeria Deposit Insurance Corporation (NDIC) is encouraging students to develop a savings habit by depositing their money in licensed banks to ensure their financial security in the future.

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This message was conveyed during a programme marking World Savings Day, held at Capital City Secondary School in Awka, Anambra State, where NDIC officials addressed 100 selected students.

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Phoebe Ugot, a manager in NDIC's communications department, emphasized the importance of teaching students the value of saving, rather than mismanaging their funds, and encouraged them to save money given to them by their parents or earned during holidays.

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Ugot advised the students to save their money in banks licensed by the Central Bank of Nigeria (CBN), and warned them against stealing from their parents to save, instead suggesting they save their holiday earnings or gift money.

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She also stressed the need for students to acquire skills that can generate income during holidays, and cautioned against theft as a means to save money.

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Mrs Benedicta Anago, Secretary of the Anambra State Post Primary Schools Commission, commended NDIC for motivating students to save, noting that this habit would make them more responsible and prepared for the future.

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Anago advised the students to prioritize saving by distinguishing between their needs and wants, and to make saving a regular practice, as it is essential for planning and securing their future.

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According to Mr Chidi Nwankwo, Enugu Zonal Director of NDIC, the organization chose to celebrate World Savings Day in schools to educate young Nigerians about the benefits of saving and the risks of dealing with unlicensed financial institutions.

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Nwankwo explained to the students the different types of banks in the country and the importance of saving their money in NDIC-insured banks to protect their deposits from theft or bank failure.

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The school's Principal, Mrs Amaka Onyeka, expressed appreciation to the Anambra State government for selecting their school to participate in the programme and promised to spread the message about the importance of saving to other students in the state.

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Some of the students who attended the programme reported that it was an eye-opening experience, and they planned to open savings accounts and save their money gradually, rather than spending it on unnecessary items, to prepare for the future.

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The programme, themed "Beyond Savings: Building Financial Resilience", aimed to introduce students to essential money management skills, including earning, saving, and investing responsibly.