NDIC drives banking awareness and savings culture in Ebonyi schools

Operating under the regional campaign theme “Small Money Talks,” the workshop unpacked the primary functions of the NDIC, focusing on how deposit insurance guards individual savings against bank distress and reinforces public confidence across the Nigerian banking sector.

Safeguarding Depositors and Strengthening Banking Stability

Elaborating on the regulatory role of the corporation, NDIC Senior Manager Mr Shehu Umar-Mohammed explained that the agency provides insurance cover for depositors in all licensed commercial, mortgage, and microfinance banks in Nigeria.

He noted that the corporation actively collaborates with the Central Bank of Nigeria (CBN) to resolve distress through mergers and acquisitions when necessary.

“Financial literacy is about acquiring the skills to make sound financial decisions,” Afolayan emphasised. “Once you acquire the right skills, deciding which licensed bank to keep your money in – rather than hoarding cash at home, becomes straightforward.”

The event concluded with remarks from the Principal of Urban Model Secondary School, Mr Paul Odigbo, alongside state education officials, who praised the NDIC for equipping young students with practical money management skills to secure their economic futures.