The Nigeria Deposit Insurance Corporation (NDIC) has emphasized the need for early financial education among Nigerian youths, stressing that equipping them with financial knowledge will enable them to make informed decisions and secure their financial future.
Speaking at the Financial Literacy Day 2025 outreach at Government Secondary School, Kuchingoro, Abuja, NDIC officials highlighted the importance of instilling financial discipline in young people as part of activities marking the Global Money Week.
The Senior Manager of the Insurance and Surveillance Department at NDIC, Madina Mustapha, underscored the corporation’s commitment to safeguarding depositors’ funds and ensuring financial stability in the country.
“The NDIC was established not just to insure depositors’ funds but also to protect the entire financial system through effective supervision, failure resolution, and consumer education,” she stated.
Mustapha explained that the corporation provides deposit insurance cover to depositors of licensed financial institutions, including commercial, microfinance, and non-interest banks, with the primary goal of protecting small depositors and fostering financial confidence.
“The rationale for our existence includes protecting depositors, particularly the small and less financially literate ones, promoting sound risk management practices, and ensuring the stability of the financial system,” she added.
Reiterating the importance of financial literacy, the Manager at the Bank Examination Unit, Ada Madu, noted that poor financial education contributes significantly to economic vulnerability and poor money management.
“Financial literacy is essential for making sound decisions about earning, saving, investing, and spending,” she said. “It empowers young people to manage their resources wisely, avoid debt traps, and plan for the future.”
During the presentation, students were introduced to fundamental financial concepts such as budgeting, differentiating between wants and needs, and the significance of various types of savings accounts, including current, savings, and fixed deposit accounts.
They were also educated on basic investment options like stocks, bonds, and treasury bills for long-term wealth creation.
The outreach also covered Nigeria’s cashless policy initiated by the Central Bank of Nigeria, illustrating how digital financial transactions are reshaping the country’s economic landscape.
Students were encouraged to adopt safe and efficient financial habits in the evolving digital economy.
NDIC officials emphasized that beyond its regulatory functions, the corporation is committed to enhancing financial literacy as a means to drive inclusive growth and economic resilience.
By targeting young Nigerians in schools, the corporation aims to equip them with the necessary financial skills to navigate economic challenges and contribute meaningfully to Nigeria’s development.
Global Money Week, an initiative of the Organisation for Economic Co-operation and Development (OECD), seeks to raise awareness on the critical role of financial education in shaping responsible financial habits among young people worldwide.
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