The role of the media in driving financial inclusion in Nigeria, was the focus of the forum hosted by EFInA, a financial development agency funded by the UK Department for International Development and Bill & Melinda Gates foundation.
It brought together Financial Journalists, Analysts, Fintechs, Financial services providers, Banks and representatives of the Central Bank of Nigeria.
Giving the current state of financial inclusion in the country the Grant Manager, EFInA Suzanne Adeoye said About 41.6% of Nigeria’s adult population are financially excluded, which has to be addressed.
She said EFInA is focused on research, advocacy, innovation fund and capacity building that are all geared towards advancing financial inclusion in the country.
According to her, EFInA has so far spent $3ml in grants awarded on technical assistance basis and $17m grants for the innovation fund, all for improving financial inclusion.
In a brief overview of financial awareness & literacy in Nigeria Mariat Umar, Programme Specialist EFInA shared that the financial sector development agency is seeking to partner with the media to drive its financial literacy plan in Nigeria.
Speaking on the objectives of the financial literacy plan, Umar said it was anchored on the following;
1.To educate the target population on financial tools and applications for long-term financial independence.
2.To enable children and youth understand the basic principles of finance in order to make sound decisions in adulthood.
- To make optimal choices in the use of financial products
- To protect consumers by facilitating awareness on their rights and obligations
- To build capacity in livelihood skills/entrepreneurship with the aim of building careers, securing jobs or starting businesses.
- To close the financial exclusion gap
She informed the stakeholders that EFiNA is seeking to partner with the media to drive the financial literacy agenda through these areas;
1.Sensitization & Awareness
2.Ensure uptake of financial literacy in school curricular
3.Capacity Building
4.Collaboration
Mr Editi Effiong CEO of Anakle and one of the speakers at the forum citing data from EFInA stated that 61% of Nigeria’s adult population lived in rural areas, emphasizing the need for the Nigerian media to shape the narrative on financial inclusion by connecting with the communities, by providing simplified and correct information.
Mrs Nimi Akinkugbe CEO of BestMan Games in her intervention asserted that the media is critical to increasing consumer confidence in the financial system.
The Money Matters show host said journalists should simplify financial reporting for the mass population, with messaging that must be clear and compelling.
The EFInA media forum featured a panel session on ‘Accelerating Financial Inclusion in Nigeria; The Role of Media’.
