The Role Of The Media In The Financial Inclusion Awareness In Nigeria

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By Benjamin A Ameh, Lagos

The media, financial system players, educators and the Central bank should seriously consider themselves the gatekeepers of today’s financial inclusion information.

A paper presented titled “Communicating Financial Inclusion Policy in Nigeria: The role of the media” with the basic objective to enhance the understanding of the subject by journalists and the subsequent proper dissemination of information to the public.

The main theme of this year’s seminar “Financial Inclusion in Nigeria: Issues and Challenges”, is designed to highlight all the critical issues relating to the financial inclusion policy in Nigeria organized by the Central bank of Nigeria (CBN) annually

Speaking during a three day seminar for Finance Correspondents and Business Editors held at Umuahia, Abia state from Wednesday 3 to Friday 5 this month, mr Frank Aigbogun said Nigeria is in a catch up race now and how these trends and the financial inclusion itself are communicated, by the media and many other interest groups central to the process that can have powerful effects on the public understanding, on its essence and, ultimately its success.

Aigbogun further stress, which is why it is so important that financial inclusion regulation, is effectively communicated in ways that serve both public understanding and the objective of the communicators.

He also said that the media determine, for most part, what the financially excluded and the general public hear, read and believe about financial inclusion. He added that with these comes responsibility of provide the facts, put them in perspective and help people determine how financial inclusion may affect their behaviour and lives.

Today, mr Aigbogun said, the Nigeria media, no doubt, is the most important single information source on financial inclusion adding that this seminar is designed to help journalists understand, and eventually be able to produce factual, intelligible, timely and measured information is of critical importance.

“The populace is getting more used to greater amounts of information; they have at the same time become more skilled at accessing it (mostly via the internet) and applying their own filters. They base their everyday decisions on what they hear or read in the mass media. This underscores the importance and value of the media, which provides the forum in which the relationship between regulator and the public is constructed and pursued, and it is also in this forum that the public can make moral judgement about financial inclusion.

A very good question at this juncture is how the media should and key government agencies like the CBN deliver accurate, relevant information to the public.”

Aigbogun is of the opinion going forward that “the first step is to reserve judgement until they understand why and what the Central bank is trying to achieve through the financial system strategy adding that the global trends in financial inclusion and the impact of financial exclusion here and elsewhere.

Second, by taking moderate approach to communicating new information to avoid short-term publicity gains, which could potentially trigger long term distrust at the event of missed timelines in the policy implementation process.

Third, journalists and the media must be creative when introducing readers to latest steps and actions of the regulators. They must first understand what is supposed to be achieved and what is eventually achieved by steps taken and then translate that accurately into a form that is both interesting and intelligible to the lay person.

Fourth, the media must see itself as an important partner in this national project, demanding explanation as many times as possible so as to understand and be able to explain effectively the significance of financial inclusion and its over all goal.

Fifthly, it is important for the media to properly understand and to provide the proper context, a rapidly changing world where nations are in a race to develop their people and integrate them in development programmes so they do not remain mere by-standers. Today’s world is one in which mobile phones have helped to shrink boundaries, broadened the loop of the connected in a way that heightens national competition. The journalist of today has to be developmental in approach, sometimes putting aside its adversorial pretentions.

  In all, the media’s role cannot be over-emphasized.  It must at all times take into consideration the socio cultural conditions under which they operate, without loosing sight of the universal commitments of the profession.”

 

 


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