Nigeria Deposit Insurance Corporation (NDIC) has sensitised no fewer than 100 secondary school students in Yola about the significance of savings for better tomorrow.

The corporation’s Zonal Coordinator in Yola, Mr Victor Egba, said during the sensitisation on Thursday that the programme was to inculcate saving culture among students in commemoration of this year’s World Savings Day.

BRANDPOWER reports that the day is annually celebrated on Oct. 31 to raise awareness about the importance of savings, and has “Conquer Your Tomorrow Through Savings” as the theme for 2023.

Egba, therefore, said that “the main target is to make students to start planning on how and where to save their monies for the future.

“One of the rationale for establishing NDIC is to protect depositors’ funds in banks; so that in the event of failure, they will not lose their deposits.

“Before, when banks fail, depositors lose all their monies but as it is now, NDIC and the Central Bank of Nigeria are trying to avoid a situation where banks will fail.

“Even if it happens, depositors are guaranteed payment of their sum.”

Dr Umar Pella, the Commissioner for Education and Human Capital Development, thanked NDIC for the sensitisation and advised students to apply the experience into practice of significance of savings to succeed.

Pella, who was represented by Mr Simnawa Geoffrey, the Chief Admin Officer in the ministry, described the sensitisation as “catch them young initiative for the students to succeed in future.

Mrs Ragina Dimlong, Deputy Director NDIC, Abuja, who presented a paper on mandate, functions and activities of NDIC, said with the establishment of NDIC by the Federal Government, all savings are safe in banks that failed.

She added that the corporation, in collaboration with CBN, monitor all banks to ensure that they provide quality services to customers.

She explained that “NDIC protect customers savings, but does not deal with customers directly except when banks fail.”

Dimlong further urged the students to step down the knowledge acquired to friends and other members of their respective families