World Savings Day: NDIC Takes Income Savings Campaign To Kwara Schools

The Nigeria Deposit Insurance Corporation (NDIC) has sensitised six secondary schools in Kwara on importance of financial savings to mark the 2022 World Savings Day.

The 2022 programme was themed: “Savings Prepare You for the Future”.

In his paper presentation, Mr Chima Onyechere, the former Zonal Controller of NDIC in the state, urged the young children to inculcate the habit of savings which can mitigate unforeseen occurrences and contingencies.

Onyechere explained that the model of savings, which is ’20:10:70′, emphasised that 20 per cent goes for savings, 10 per cent to charity and 70 per cent to necessities.

“The model says you save 20 per cent of your income, give 10 per cent to charity and spend 70 per cent on yourself,” he said.

The official added that savings afford people to acquire properties and prepare the mind for future opportunities.

The NDlC boss observed that there is need to reach out to the younger ones in order to imbibe the habit.

He noted that the World Savings Day, which is also known as World Thrift Day, highlights the necessity of saving for the future.

According to him, there are many reasons why one would need to save, including for retirement, education, property purchase and marriage.

“We all have been in situations when we required extra money and we wished that we had savings for it.

“That’s why savings is very important especially in today’s volatile conditions of our world where we are seeing inflations rising all over the world because of many reasons hence it is always better to be prepared for any circumstances,” he said.

Onyechere listed the motives for savings to include for transaction, speculative and precautionary, adding that people can save through the banks, buying properties or through group conritbution.

He however warned against patronising any financial institution that is not registered with the NDIC, saying all ponzi scheme enterprises should be avoided.

Also speaking on the mandate of NDIC, Mr Hamza Umar, the new Zonal Controller of the corporation in Kwara explained that the primary mandate of NDIC was to protect depositors, through supervision to ensure safety and soundness of banking institutions, the interest of creditors and shareholders are also protected.

“The Corporation supervises banks so as to protect depositors; foster monetary stability; promote an effective and efficient payment system; and promote competition and innovation in the banking system,” he said.

Umar explained further that banking supervision is an essential element of the scheme as it seeks to reduce the potential risk of failure and ensures the unsafe and unsound banking practices do not go unchecked.

He therefore advised the school children to save little out of their pocket money, so as to use it on a rainy day.

In their separate appreciative remarks, Mrs Mary Adeosun, the Kwara Commissioner for Education and Human Capital Development, commended the corporation for the awareness programme.

Also Mr Agunbiade Oladapo, the Principal of Bishop Smith Secondary School also commended the corporation, adding that this will go a long way to shape the students spending habit and ensure savings.