The Nigeria Deposit Insurance Corporation (NDIC) has urged young Nigerians to cultivate the habit of saving money in banks rather than keeping cash at home, as part of efforts to deepen financial literacy and promote sound financial management among the country's youth.
The Principal Manager, Communication and Public Affairs of the NDIC, Mr. Toke Afolayan, made the call during the 2026 Global Money Week financial awareness programme organised by the Corporation for staff and students of Urban Model Secondary School, Abakaliki, Ebonyi State.
Afolayan said the initiative formed part of NDIC's ongoing financial awareness campaign aimed at equipping young Nigerians with the knowledge and skills required to make informed financial decisions, protect their deposits and manage their resources responsibly.
He noted that the programme, themed “Small Money Talks,” also provided an avenue for the Corporation to educate students on its statutory responsibilities, including protecting depositors, maintaining confidence in the banking system and promoting financial system stability.
According to him, financial literacy remains a critical life skill that enables individuals to make sound decisions on saving, spending and investing.
“Financial literacy is for you to acquire skills to make financial decisions. As you are sitting down here, if you acquire what we describe as financial literacy, you should be able to know which bank to put your money instead of keeping your money in the house. If you acquire the skills, such decision will never be a problem for you,” Afolayan said.
He urged the students to develop what he described as “smart spending habits” by spending prudently, prioritising their needs and avoiding unnecessary debts.
A senior manager in the NDIC, Mr. Shehu Umar-Mohammed, explained that the Corporation provides insurance cover for depositors in licensed banks and other financial institutions across the country, thereby safeguarding customers against the loss of insured deposits.
Umar-Mohammed further stated that the NDIC works closely with the Central Bank of Nigeria (CBN) to facilitate bank resolutions, including mergers and acquisitions where necessary, to sustain stability in the financial sector.
He assured the students that fears of losing deposits in licensed financial institutions had significantly diminished due to the deposit insurance framework established by the Corporation.
“The fear of losing financial deposits in the bank has become a thing of the past with the NDIC in place,” he said.
The Commissioner for Education, Dr. Donatus Ilang, represented by Mr. Igwe Nwuruku, commended the NDIC for extending the financial awareness campaign to students in Ebonyi State.
Similarly, the Principal of Urban Model Secondary School, Abakaliki, Mr. Paul Odigbo, expressed appreciation to the Corporation, describing the programme as timely and beneficial to the students' future financial wellbeing.
