NDIC Advocates Early Financial Education for Nigerian Youth

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The Nigeria Deposit Insurance Corporation (NDIC) has emphasized the importance of financial literacy for young Nigerians, advocating for early education on savings, budgeting, responsible spending, and investment to enhance long-term financial security.

Speaking during the Financial Literacy Day 2025 outreach at Government Secondary School, Kuchingoro, Abuja, as part of Global Money Week, NDIC officials highlighted the need to equip students with essential financial skills.

NDIC’s Role in Financial Security

Madina Mustapha, Senior Manager in the Insurance and Surveillance Department of NDIC, explained the Corporation’s statutory mandate, which includes:

  • Insuring depositors' funds

  • Supervising banks to ensure financial stability

  • Resolving banking failures

  • Educating consumers on financial best practices

She emphasized that NDIC provides deposit insurance for depositors of licensed financial institutions, including commercial banks, microfinance banks, and non-interest banks, with coverage limits designed to protect small depositors.

Financial Literacy as a Tool for Economic Stability

Ada Madu, Manager at the Bank Examination Unit, stressed that financial education is crucial in helping young people make informed decisions about earning, saving, investing, and spending.

“Many financial challenges stem from a lack of basic money management skills. Financial literacy empowers young people to manage their resources wisely, avoid debt traps, and plan for their future,” she stated.

Key Lessons from the Outreach

Students were introduced to critical financial concepts such as:
✔ Budgeting – Differentiating between wants and needs
✔ Types of savings accounts – Current, savings, and fixed deposit accounts
✔ Investment basics – Understanding stocks, bonds, and treasury bills
✔ The CBN’s cashless policy – Emphasizing digital transactions and financial safety

NDIC officials urged students to embrace digital financial tools while maintaining secure financial habits in today’s evolving economy.

NDIC’s Commitment to Financial Literacy

The Corporation reiterated that its focus goes beyond bank supervision, as it actively promotes financial literacy as a tool for economic resilience and inclusive growth.

NDIC’s financial education initiatives align with Global Money Week, a campaign by the Organisation for Economic Co-operation and Development (OECD), which aims to raise awareness about the importance of financial education worldwide.

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