NDIC Educates Bayelsa Students to Financial Literacy, Savings

As part of the activities to mark the Financial Literacy Day, the Nigeria Deposit Insurance Company (NDIC) organised a one-day sensitisation lecture for a cross-section of students drawn from five secondary schools in Yenagoa, Bayelsa State.

Speaking to the students at the Community Primary School, Opolo, Manager at the Communication and Public Affairs Department, NDIC, Ms Phoebe Ugot explained that the purpose of the lecture was to create awareness about NDIC and to encourage the students on the act of wealth building through savings.

Ms Ugot enlightened the students on the mandate of NDIC and assured them that all money kept in the Nigerian banking system is safe.

Speaking in an interview, Ms Ugot stated that NDIC opted for students as part of its strategy to catch them young on financial literacy and savings to build wealth.

‘’We’re trying to catch them young. We are working to build a savings culture in Nigeria. Because one thing Nigeria lacks is financial literacy. So, every year we do two programs.

‘’We do Financial Literacy and World Savings Day to imbibe a savings culture in the Nigerian system. That’s why we decided that we must catch them young.

”So, as they grow old, that culture in them, the saving culture, is already there, which is why we are starting from secondary schools.”

Also speaking, Principal Manager, Communication and Public Affairs, Department, NDIC, Mrs Bokpere Adeghe, in an interview, explained that there are two phases of the sensitisation, which cover the core mandate of NDIC and financial literacy, savings, and investing.

While urging the students to start financial planning early in life and be intentional about savings, she implored Bayelsans to embrace financial literacy to help them make informed financial decisions.

‘’Saving is intentional. If you’re not intentional, you won’t save. You must be determined, even as adults. If you’re not intentional, you will not save. So, you must be determined.

And it’s only when you do it, when you start, and you see the little progress, that you are encouraged to continue. So, the idea is to teach them young, catch them so that they start early. We teach children and the general public on financial prudence. Financial literacy is informing people, knowing about finance, and making better informed decisions with income.’’