Business
NDIC Sensitises Corp Members On Deposit Insurance
The Nigeria Deposit In
surance Corporation (NDIC) recently embarked on an enlightenment exercise for members of the National Youth Service corps (NYSC) in Ogun State.
The exercise was to inform the corp members of the benefit of banking as well as the role of the NDIC.
The seminar was designed to build depositors’ confidence and to create awareness of the corps members on how the corporation operates.
Addressing the youth corp members at state NYSC orientation camp, the Deputy Director,Bank Examination Department of (NDIC), Alhaji Umaru Yanyangida said the objective of the deposit insurance system is to protect depositors and guarantee prompt and efficient settlement of insured funds in the event of failure of insured participating institutions.
“People are ignorant of deposit insurance because they are afraid of losing their money. We came to assure them that their money is safe and sound in our bank,” he said
Alhaji Yanyangida in his speech challenged the youths to sensitise and enlighten members of their communities on the importance and benefits of deposit insurance so that people would know why they should deposit money in the bank.
He added “the NYSC members are just coming out of the unviesity, they are just starting life and they too should know how to save for the future purpose that is the reason why we are to address them on how to save their money and put it into a good shape.
The liquidation of bank can be caused by inadequate capital, lack of proper plans and it will result to lack of profit. It will also cause illiquidity and the moment there is illiquidity, there is no bank that will survive a weak foundation and nobody will every bring in money into their bank”, he declared.