Enhancing Financial Innovation & Access (EFInA), Nigeria’s leading financial sector development organization organized a media forum to discuss the role of media in driving Financial Inclusion. As part of its mission to promote financial inclusion in Nigeria, EFInA desires to improve the existing financial awareness and literacy of the un(der)banked through the existing media infrastructure so that Media can play an increasing role in the efficient adoption of financial services in Nigeria. Giving the welcome address, EFInA Board Chair, Segun Akerele, emphasized the importance of collaboration amongst all stakeholders including the media to reduce the rate of financial exclusion. Temitope Otumara, Communication Specialist for EFInA said that financial inclusion and inclusive growth aren’t just policy choices, but are policy imperatives, which determine the long-term financial stability and sustainability of the economic and social order, going forward. Temi further explained we need to ensure that all of us are collectively willing to walk that extra mile to ensure that our fellow countrymen get easy access to the financial system by leading the initiative and spreading our message far and wide. EFInA Grants Manager, Suzanne Adeoye said no organization can drive financial inclusion alone so EFInA will be working with the media to increase financial services awareness and literacy to the un(der)banked during her presentation on “Introduction to EFInA”. During a presentation at the event, Nimi Akinkugbe laid emphasis on the 3 core purposes of the media is to inform, influence, and entertain. She further explained that an improved Financial Awareness & Financial Literacy effort from the media could result in the more discerning choice of investment and other financial products by consumers which would make financial institutions respond innovatively to consumer demand, leading to a more efficient financial system.
Nimi concluded her presentation by stressing the fact that a better-informed public will exert greater scrutiny over the risks of financial institutions and the quality of their products and services. Presenting on the Role of Media in driving Financial Inclusion, Editi Efiong, Ceo of Anakle educated the Marketing managers of different banks, fintech, and journalists from different platforms including Channels TV, Wazobia, Businessday, EbonyLifeTv, CNBC, Naira-Metrics amongst others about the essence of simplifying the message for the un(der)banked. Editi further explained that the messaging will need to be localized on a community basis to drive adoption in the rural areas as most of these people still have low trust in the financial system based on little or no understanding of how it works.
The event involved a panel session where panelists including Nimi Akinkugbe, Aisha Isa- Olatinwo Head Banking & Payments CBN; Arese Ugwu; Founder SmartMoneyAfrica, Adia Sowho; Managing director Mines, Ugo Dre Okechukwu; founder NairaMetric, Lehle Balde; Businessday strategist and Folasade Agbejule; EFInA Payment Specialist discussed issues relating to The Role of Media in driving Financial Inclusion. The panel, moderated by Tunji Andrews and Temi Otumara identified improved Trust, financial awareness, and literacy as forces affecting the adoption of financial inclusion that can only be changed by the media.
ABOUT EFInAEnhancing Financial Innovation and Access (EFInA) is a financial sector development organization that promotes financial inclusion in Nigeria. Established in 2007, its vision is to be the leader in facilitating the emergence of an all-inclusive growth-promoting financial system. EFInA is funded by the UK Government’s Department for International Development (DFID) and the Bill & Melinda Gates Foundation.