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The Nigeria Deposit Insurance Corporation (NDIC) has emphasized the need for early financial literacy among Nigerian youth, aiming to equip them with essential financial knowledge and skills to make informed decisions and secure long-term financial stability.
During the Financial Literacy Day 2025 outreach at Government Secondary School Kuchingoro, Abuja, as part of Global Money Week activities, NDIC officials highlighted the importance of early education on savings, budgeting, responsible spending, and investment.
NDIC’s Commitment to Financial Security
Madina Mustapha, Senior Manager in the Insurance and Surveillance Department at NDIC, underscored the corporation’s role in fostering public confidence in Nigeria’s financial system.
“The NDIC was established not only to insure depositors’ funds but also to safeguard the entire financial system through effective supervision, failure resolution, and consumer education,” she explained.
She further noted that NDIC provides deposit insurance coverage for depositors of licensed financial institutions, including commercial banks, microfinance banks, and non-interest banks, with coverage limits designed to protect small and financially vulnerable depositors.
“Our mandate is to protect depositors, especially those with limited financial knowledge, promote sound risk management, and ensure financial system stability,” Mustapha added.
Empowering Youth Through Financial Literacy
Ada Madu, Manager at the Bank Examination Unit, reiterated the urgency of financial education for young Nigerians, pointing out that poor money management and economic vulnerability often stem from a lack of basic financial literacy.
“Financial literacy is essential for making informed decisions about earning, saving, investing, and spending. It empowers young people to manage their resources wisely, avoid debt traps, and plan for the future,” she said.
The session introduced students to fundamental financial concepts such as:
- Budgeting – Understanding income, expenses, and financial planning.
- Needs vs. Wants – Prioritizing essential expenses over discretionary spending.
- Savings Accounts – Exploring different banking options, including current, savings, and fixed deposit accounts.
- Investment Basics – Learning about stocks, bonds, and treasury bills as wealth-building tools.
Additionally, the outreach covered the Central Bank of Nigeria’s cashless policy, highlighting how digital financial platforms are transforming banking and transactions in Nigeria. Students were encouraged to adopt safe, efficient, and responsible financial practices in the evolving digital economy.
Financial Literacy as a Tool for Economic Growth
NDIC officials stressed that beyond its supervisory and regulatory functions, the corporation is committed to enhancing financial literacy as a driver of inclusive growth and economic resilience.
Through its financial literacy initiatives, the NDIC aims to empower young Nigerians with the skills needed to navigate financial challenges, fostering a generation capable of making sound financial decisions and contributing to Nigeria’s economic development.
The campaign aligns with the objectives of Global Money Week, an annual initiative by the Organisation for Economic Co-operation and Development (OECD), which seeks to raise awareness about the importance of financial education worldwide.
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