Economy
THE Nigeria Deposit Insurance Corporation (NDIC) on Monday organised an enlightenment programme on savings culture for the students of Community High School, Adamasingba, Ibadan.
Mr Gbenga Fabuyi, the lead speaker at the event, said that the objective of organising savings awareness for secondary school students was to create savings culture in them at early stage of their lives.
Fabuyi said that the primary objective of Deposit Insurance System (DIS) was to protect the interest of small depositors, promote public confidence and contribute to the financial system stability in Nigeria.
“The DIS being implemented by the NDIC is design as a ‘Risk Minimiser’- meaning it is not a ‘pay-box’ which is only called upon in the event of failure to pay guaranteed deposits.
“It also has the function of risks assessment and management, supervision and monitoring of licensed banks and failure resolution; thereby contributing to financial system stability,” he said.
In her presentation, Mrs Adedamola Bello, NDIC Examination Department, said that the World Savings Day seeks to promote saving money among Nigerians.
Bello added that it was instituted to raise awareness on the importance of savings.
According to her, one of the most important life expectations for everybody inclusive of children and youths was to be able to track where their money goes, and that starts with budgeting.
“Everybody should know how to create a budget, how to track spendings and how to save for the future.
“We can use 20, 10 and 70 rules to guide our spendings which means, save 20 per cent, donate 10 per cent and spend 70 per cent of your income.
“We should be smart consumers, avoid expensive items and live within our means, “she said.
The Principal, Community High School Adamasingba, Mrs Oluwakemi Oyekanmi, enjoined the students to start early to cultivate the culture of savings as this would help them in life.
The Head Boy of the school, Henry Oluwakemi, in his remark said that the programme had exposed him to the importance of saving money in the bank and the difference between needs and wants.
In the same vein, Memunat Adamu, also a student, said that the awareness programme had taught her that age and quantity of the money were not a barrier to savings.
The World Savings Day was established on Oct. 31, 1924, during the first International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy.
The News Agency of Nigeria (NAN) reports that the theme of the year 2022 World Savings Day is: “Savings Prepare you for the Future.”
NAN reports that the event featured lectures, sensitisation, questions and answers among others. (NAN)
KN
Tags: Adedamola Bello Gbenga Fabuyi NDIC
