NDIC enlightens Sokoto students on saving habits, financial literacy
The Nigeria Deposit Insurance Corporation (NDIC) has begun public awareness to inculcate monetary saving habits and other financial literacy among students and grassroots communities.
The Sokoto State Coordinator of NDIC, Mr Bello Kaoje, stated this during the recent 2021 Financial Literacy Day celebration organised by NDIC at Sultan Bello Secondary School, in Sokoto.
The News Agency of Nigeria (NAN) reports that the event tagged:” Learn, Save and Earn” was attended by no fewer than 150 secondary school students.
Kaoje highlighted the importance of monetary saving habits among Nigerian students, as part of the efforts to “Catch Them Young” to cultivate good financial habits. He noted that the good saving habits would encourage prudence, transparent dealings and growth of businesses, in view of the need to breed empowered individuals in the society.
The coordinator advised participants to be wary of financial frauds going on through online banking services, Points of Service (POS) Operators and other forms, which mostly occur due to greed and eagerness to obtain cheap proceeds.
He announced that NDIC had core mandates of depositor’s guarantee, banking supervision, failure resolutions and banks liquidations.
Kaoje disclosed that from 1994, NDIC has so far undertaken liquidations of 49 Deposit Monetary Banks (DMBs), 367 Microfinance Banks (MFBs) and 51 Primary Mortgage Banks (PMBs) in the country.
“As at August 2021, there are 30 Deposit Money Banks, 874 Microfinance Banks, 34 Primary Mortgage Banks and 22 Licensed Monetary Money Offices”, he said.
Mr Umar Usman – Maitasamu, the Director of Entrepreneur Risk Management Directorate of NDIC, organized the students question and answer session, in different financial transactions and banking services as well as resolutions.
Maitasamu charged the people to approach NDIC on suspicious misdoings to resolve those relevant issues to its mandate and refer others outside its activities to other institutions.
