The Nigeria Deposit Insurance Corporation (NDIC) has sensitized six Secondary Schools in Kwara, on importance of financial savings to mark the 2022 World Savings Day.
The News Agency of Nigeria (NAN) reports that the theme of this year’s programme is tagged: “Savings Prepare You for the Future”.
In his paper presentations, Mr Chima Onyechere, the former Zonal Controller of NDIC, in Kwara State, urged the young children to inculcate the habit of savings which he explained, can mitigate unforeseen occurrences and contingencies.6
He explained that the model of savings which is ’20:10:70′, emphasised that 20 percent goes for savings, 10 percent to charity and 70 percent to necessities.
“The model says you save 20 percent of your income, give 10 percent to charity and spend 70 percent on yourself,” he
Onyechere added that savings afford people to acquire properties and prepare the mind for future opportunities.
He boss observed that 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 among others.
“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 institutions that is not registered with 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 added that the primary mandate of the Corporation is 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 different 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 student spending habit and ensure savings.
