Enhancing Financial Innovation and Access (EFINA), a leading financial sector development organisation in Nigeria has said that about 42 per cent of Nigeria’s adult population are financially excluded.
This was disclosed by the organisation’s Grant Manager, Suzanne Adeoye at the EFINA Media Forum themed ‘Accelerating Financial Inclusion in Nigeria; The Role of Media’, held in Lagos recently.
Present at the event were Financial Journalists, Analysts, Fintechs, Financial services providers, Banks and representatives of the Central Bank of Nigeria.
Suzanne, whilst giving the current state of financial inclusion in the country and the role of the media in bridging the gap, said that EFInA focuses more on research, advocacy, innovation fund and capacity building that are all geared towards advancing the financial inclusion in the country.
According to her, EFInA has so far spent $3m in grants awarded on technical assistance basis and $17m grants for the innovation fund, all for improving financial inclusion.
Also speaking at the event, CEO of Anakle, Editi Effiong emphasized the need for the Nigerian Media to shape the narrative on financial inclusion by connecting with rural communities, adding that 61% of Nigeria’s adult population lived in rural areas.
While giving a brief overview of financial awareness & literacy in Nigeria, EFInA Programme Specialist, Mariat Umar, said 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 the objectives were anchored on educating the target population on financial tools and applications for long-term financial independence; enabling children and youth understand the basic principles of finance in order to make optimal choices in the use of financial products; protecting consumers by facilitating awareness on their rights and obligations; building capacity in livelihood skills/entrepreneurship with the aim of building careers, securing jobs or starting businesses and closing the financial exclusion gap.
She also went further to inform the stakeholders that EFInA is seeking to partner with the media to drive the financial literacy agenda through sensitization and awareness; ensuring uptake of financial literacy in school curricular; capacity building and collaboration.
Mrs Nimi Akinkugbe CEO of BestMan Games in her intervention asserted that the media is critical to Increasing consumer confidence in the financial system, while adding that journalists should simplify financial reporting for the mass population, with messaging that must be clear and compelling.
EFINA is a financial development agency funded by the UK Department for International Development and Bill & Melinda Gates foundation.
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