The Nigeria Deposit Insurance Corporation (NDIC) has emphasised the importance of financial literacy among Nigerian youth, stressing that it is crucial for making informed financial decisions and building long-term financial security.
During the Financial Literacy Day 2025 outreach to students of Government Secondary School Kuchingoro in Abuja, NDIC officials highlighted the significance of early education on savings, budgeting, responsible spending, and investment.
Madina Mustapha, Senior Manager in the Insurance and Surveillance Department of the NDIC, explained the corporation’s role in promoting public confidence in the banking system. “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.
Mustapha further stated, “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.”
Ada Madu, Manager at the Bank Examination Unit, reiterated the importance of financial literacy among young Nigerians. “Financial literacy is essential for making sound decisions about earning, saving, investing, and spending. It empowers young people to manage their resources wisely, avoid debt traps, and plan for the future.”
The outreach program exposed students to key financial concepts, including budgeting, savings accounts, and investing. The officials also discussed the Central Bank’s cashless policy and encouraged students to adopt safe and efficient financial practices in line with the evolving digital economy.
The NDIC’s financial literacy efforts aim to equip young Nigerians with the knowledge and skills necessary to navigate financial challenges and contribute to Nigeria’s economic development.
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