Savings : Meaning , Types and Requirements For Opening a Saving account

Subject : Social Studies



Topic : Savings : Meaning , Types and Requirements For Opening a Saving account



Class : Primary 4



Term :  Second Term


Week : Week 10


Previous Knowledge : Pupils have previous knowledge of

Why division of labour is necessary in Agricultural Industry

that have been taught in their former lessons and classes


Behavioural Objectives : At the end of the lesson , pupils should be able to


1 say the meaning of savings

2 mention the reasons why people say

3 explain how people saved in the olden days

4. Write out modern days of savings

5. explain the requirements for opening a saving account in any of the Nigerian commercial banks


Methods Of Teaching 

  • Discussion
  • Explanation
  • Dramatization
  • Dialogue
  • Story telling
  • Questions and Answers
  • Role Modelling



Instructional Materials 

  • Wall Charts
  • Pictures
  • Online materials
  • Textbooks
  • Scheme of work
  • Workbooks





What is saving ?

Saving simply setting aside a specific amount of money for future use .

In the olden days people saved cowries , jewelleries and gold .

Types of Savings

1. Traditional ways of savings in the olden days : This involves the olden ways of savings . It is how people saved in the olden days which involved

saving in pots

digging  hole and saving in the hole

saving under the bed

giving the credit or thrift collector (Alajo ) etc

2. Modern ways of savings nowadays : Things have changed very fast and a lot of things have changed too . The ways people save money now a days have changed , These are the few examples of how people save money now a days

saving in banks

fixing it in fixed deposit account

buying shares

government bonds

mutual funds


cooperative societies

investment funds

pension funds etc


 Why do people save ?

People save because of the following reasons

To make money available for future expenses

To make provision for urgent unexpected emergency

To start a business

To make a capital purchases

To buy a major asset like land or motor vehicle

To earn interest or dividend on the money

To prevent the money from being stolen


Types of Banks In Nigeria 

A bank is a financial institution or organisation where we save and borrow money.

A bank can be owned by the government, big companies or wealthy people.

Banking is the business of operating a bank

1. Regulatory Body : The one and only bank that falls under this category is The Central Bank Of Nigeria. The CBN is the apex bank in Nigeria . It is the bankers’ bank. it is the lender of the last resort . It is the regulatory body that controls the activities of all other banks and financial institutions in Nigeria . You cannot say your money in central bank because the bank does not collect deposits from individuals .

2. Commercial Banks : Commercial banks are banks that perform commercial activities for their customers . These commercial activities involve accepting deposits from customers , opening of accounts for customers etc . Examples of commercial banks in Nigeria are Guaranteed Trust bank , United Bank for Africa, Zenith bank etc

3. Merchant Banks : These are banks that deals with large scale importation and exportation for their customers . These types of banks are primarily for merchant traders

4. Mortgage Banks : These are the types of banks that are specialized in acquisition , ownership and sales of houses

5. Micro Finance Banks : These are banks that are set aside to help small and micro business to start up , monitor them and nurture them to greater height. Examples of these micro finance banks are LAPO micro finance bank


Requirement For Opening A bank Account 

1. Means of identification eg National Identification Number (NIN), Bank Identification Number (BVN), Driver’s License, International Passport

2. Proof of address of domicile in Nigeria eg PHCN bill or any utility bill

3 Two passport sized photograph

4. Initial deposit for issuance of ATM

5. Bank Application form to open a bank account






The topic is presented step by step

Step 1 : He revises the previous topics

Step 2 : The class teacher introduces the new topic

Step 3 : The class teacher allows the pupils to give their own contributions and he or she corrects them when the needs arise





1 What is the meaning of savings ?

2 Mention two reasons why people save ?

3. Mention four examples of commercial banks in Nigeria

4. What is the full meaning of CBN ?

5. Mention two types of banks in Nigeria





The class teacher gives out a short note and he or she goes round to do the necessary marking .



Please kindly prepare for the next lesson by reading about




(Visited 394 times, 1 visits today)
error: Content is protected !!