Mobile money scheme yet to achieve financial inclusion objective – NIBSS

The mobile money scheme established by the Central Bank of Nigeria (CBN) to enhance financial inclusion is yet to achieve the objective, according to Ade Shonubi, managing director/CEO, Nigeria Interbank Settlement System (NIBSS). Some of the reasons given by mobile money operators are that the government is not encouraging them and that they have to pay so much for signage.
Shonubi, who sees mobile money scheme as moving slowly but not as fast as expected, also believes that in the next one or two years there would be lot more of acceptance of electronic means of payment outside the major cities.
“From the point of view of technology, they have what it takes but it is difficult to educate people. The government, whether central or other government, needs to be active in educating people about financial services because that is a big problem for them,” he said on Thursday at the launch of Ficannews.com, an online news website published by Finance Correspondents Association of Nigeria (FICAN).
Reacting to the CBN’s position on virtual currencies, he says, “I am not aware of anybody or an entity that has been licensed or registered by the CBN to issue, trade or exchange digital currency in any form.”
He reiterates the rising significance of digital or online media in financial news reporting, saying it is where the future lies.
FICAN has responded to the new trend in news reporting, and that he expects the website to provide timely, comprehensive and financial intelligence report on businesses and economy.
Shonubi, who unveiled the website, said it was also expected to be the focal point of financial news publication locally and internationally, adding that the new generation of readers rely so much on online publications, and will find ficannews.com, a reliable ally in meeting their daily news needs.
“Any organisation that refuses to go online will die like dinosaur. The online is the future of journalism and I am glad that FICAN understands that fact. Building the website is key but keeping it running is equally important. We will keep the website running for the next one year. It is important that the website sustains its attractiveness and educative qualities to its audience,” Shonubi says.
The NIBSS boss challenges FICAN to push the website traffic to 10,000 visits daily for a start, while reiterating his confidence that it will become point in financial news reporting in no distant future.
Isaac Okorafor, acting director, corporate communications, at the CBN, praises FICAN for the website launch, adding that it presents great opportunity for the financial industry.
Okorafor, who was represented by manager, corporate communications, CBN Lagos office, Uchenna Ogbonna, says he is confident the website will live up to expectations.
Head corporate communications, Asset Management Corporation of Nigeria, Jude Nwauzor, says the corporation has a long-standing partnership with FICAN, which will continue, saying the partnership will continue to thrive.