Corporation Sensitises Students On Financial Literacy

By Jack Acheme, Kano

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Nigeria Deposit Insurance Corporation, NDIC, says it has become imperative for the students to be aware of financial transactions and how to go about it in order to build a solid foundation for the future.

The Zonal  Coordinator of NDIC Incharge of Kano state, Alhaji Shehu Usman, stated this during the 2023 Financial Literacy Day ceremony with the theme: “Plan Your Money, Plant Your Future,” held at the famous Rumfa College, Kano.

He said through the financial literacy day,  the agency was catching the students young and teaching them how to operate accounts, especially business transactions, save and invest money appropriately including securing accounts in NDIC certified banks which gurantee payment of deposits when crisis occur.

“The event is a global event that is aimed at enlightening people on the operations of the corporation as well as to ensure that they have adequate knowledge on banks.

“The decision to hold the event at the secondary school was to educate the students with the necessary knowledge on financial literacy with a view to extending the same knowledge to their parents who are financially illiterate,” he said.

Against the background of fears expressed by the student on the banking system because of fraudulent activities, Mr. Shehu encouraged them to always patronize banks certified by the NDIC mostly identified through their stickers place all over the banks.

He urged them not disclose thier financial details to anybody via phone calls and text messages, including ATM Pin, which exposses them to fraudsters.

He equally warned them and other bank customers against wonder banks because they are not insured by NDIC, as such those patronizing them are bound to lose their money.

“I want to use this opportunity to warn bank customers to desist from keeping their money in any bank but only those institutions that are insured.

“So, if you go to any bank that does not have an NDIC sticker pasted outside, don’t deposit your hard earned money in such banks,” the NDIC zonal coordinator said.

“Stop patronising Wander banks because such banks always try to cajole and attract customers with larger or bigger returns, which hardly manifest by the he end of the day,” he said.

A resource person at the occasion, Khadija Masanawa, in a lecture using the theme: “Plan your money, plant your future” , took the students through the rudiments of saving for:  financial freedom, emergency, retirement, achieve long time financial goals, promote good life, budgeting, wise spending, financial discipline and investing through savings in stocks among others.

She explained that the Corporation had provided deposit guaranty to a total of 984 CBN licensed banks across the country.One of the students, Abdulahi Danlami expressed happiness over the lecture stressing that he now knows how to plan and what to do with money , where to go and where not go when trying to save money.

The Principal of the College, Safiyanu Na’abba commended the corporation for organising the program which he said had enlightened both staff and students of the school on the operations of the corporation.

Confidence Okwuchi

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