NEWS
Media Must Keep Pace With Nigeria’s Rapidly Changing Financial System – Obinna Chima
Media Must Keep Pace With Nigeria’s Rapidly Changing Financial System – Obinna Chima
ThisDay Saturday Editor, Obinna Chima, says Nigeria cannot build a future-ready financial system without a media capable of explaining increasingly complex financial developments to the public.
He identifies banking recapitalisation, tax reform, fintech, digital payments and changing financial services as developments requiring a more analytical and technically equipped financial press.
Chima says credibility, financial literacy, investigative journalism and accountability must remain central to financial reporting as technology reshapes the industry.
Channel
September 30, () – Nigeria’s rapidly changing financial system is placing new demands on financial journalists, requiring the media to move beyond reporting figures and institutional statements to explaining what financial developments mean for citizens, businesses and investors.
This was the central argument made by the Saturday Editor of ThisDay, Obinna Chima, Ph.D., at the Central Bank of Nigeria-organised 34th Seminar for Finance Correspondents and Business Editors held at Lakegreenfield Hotels, Abuja, on Wednesday.
Speaking on “The Role of the Media in Building a Future-Ready Financial System”, Chima said Nigeria’s financial system was fundamentally different from the one financial journalists covered a decade ago, pointing to banking recapitalisation, tax reform, fintech innovation and the rapid expansion of digital financial services.
He, therefore, challenged financial journalists to consider whether their methods of reporting had evolved at the same pace as the institutions and markets they cover.
From Reporting Numbers To Explaining What They Mean
Chima argued that the transformation of the financial system has changed the role of the financial journalist.
According to him, the emergence of digital banking, fintech, mobile payments and new financial services has blurred traditional boundaries within the financial industry, creating a system that is more interconnected and technically complex.
He said this transformation required journalists to develop the capacity to interpret financial developments rather than simply report announcements from institutions.
“Financial systems are changing rapidly. Financial journalism must evolve with them”, he said, stressing the need for reporting that goes beyond figures to explain the forces driving financial performance.
He argued that journalists should increasingly ask what lies behind the numbers and whether the information provided by institutions accurately reflects the underlying reality.
“The focus must shift from what institutions say to what the numbers reveal”, he added.
Chima identified the future financial journalist as an interpreter, investigator, educator and watchdog, rather than merely a transmitter of information.
Journalist Between Institutions And Public
One of the central challenges identified by Chima was the technical nature of modern finance.
Banking regulation, monetary policy, capital markets, fintech, digital payments and financial technology increasingly involve concepts that may be difficult for ordinary citizens to understand.
He said the journalist occupies an important position between financial institutions and the wider public, translating complex information into language that depositors, investors, businesses and ordinary consumers can understand.
He noted that the media connects different parts of the economy, from bankers and policymakers to market women, students, teachers, politicians and other citizens.This role, he argued, becomes even more important as financial decisions increasingly affect everyday life.
Changes in interest rates, payment systems, banking regulations, pension policies, taxation and digital finance can directly affect household finances and business decisions.
For that reason, he said, financial journalism must not become disconnected from the people whose lives are affected by the policies and developments being reported.
Credibility Must Come Before Speed
Chima also highlighted the tension between speed and accuracy in modern journalism, particularly in an era of digital platforms and social media where financial information can spread within minutes.
He argued that financial journalists must resist the pressure to sacrifice accuracy for the sake of being first.
“In financial journalism, credibility is more valuable than being first”, he stated.
The argument is particularly relevant to financial reporting because inaccurate information can influence investment decisions, trigger market reactions and undermine confidence in institutions.
He emphasised the importance of fact-checking, responsible information dissemination and efforts to combat misinformation.
For Chima, the media’s role in building a future-ready financial system is not limited to reporting what happens in banks and financial markets. It also involves helping citizens understand how the system works and what reforms mean for them.
Financial Literacy As Part Of Journalism
Chima also positioned financial education as an important responsibility of the media.
He said journalists should help explain financial reforms and connect policy decisions with their practical implications for citizens.
This means translating complex reforms into questions that ordinary Nigerians can understand: What does a new banking regulation mean for depositors? How will a tax reform affect businesses? What does a change in monetary policy mean for borrowers and savers? How does a new payment technology affect consumers?
Such explanations, he argued, can strengthen financial literacy while improving public understanding of the financial system.
A more financially literate population, in turn, is better positioned to participate in financial services, assess risks and demand accountability from institutions.
Next Phase Of Financial Journalism
A representation of financial journalism Photo credit Shutterstock
Chima identified regulation, innovation, capacity building and media participation as critical elements in building a future-ready financial system.
As financial technology continues to evolve, he said regulators and financial institutions would also need to engage with a media that understands emerging technologies and the risks they create.
This would require continuous training for journalists, particularly in areas such as data analysis, digital finance, artificial intelligence, fintech, cybersecurity, financial regulation and increasingly sophisticated financial products.
He also stressed the importance of investigative journalism and accountability.
As financial systems become more complex, he said, journalists must be equipped to scrutinise financial statements, identify inconsistencies, investigate abuses and ask questions that go beyond official narratives.
The future-ready financial journalist, therefore, must be capable of combining technical knowledge with public-interest journalism.
Trust Will Remain Biggest Currency
Ultimately, Chima argued that technology alone would not determine the future of Nigeria’s financial system.
The system would also depend on the quality of information available to the public, investors, depositors, businesses and policymakers.
A technologically advanced financial system that lacks public trust, he suggested, cannot fully achieve its potential.
The media therefore has a dual responsibility: to report accurately on the institutions transforming the financial system and to help citizens understand how those changes affect them.
For Chima, the message is straightforward: a future-ready financial sector requires a future-ready financial journalist.
As Nigeria moves deeper into digital finance, reforms its banking and tax systems and expands financial technology, the media will increasingly be required not just to tell Nigerians what happened, but to explain why it happened, who it affects, and what comes next.