Why mobile money has not taken full shape in Nigeria —NIBSS CEO

The Managing Director/CEO, Nigeria Interbank Settlement System (NIBSS), Ade Shonubi has  said that mobile money have not neither gained enough ground in Nigeria nor achieved what the Central Bank of Nigeria (CBN) set them up to achieve.

“They were set up to encourage financial inclusion, but stakeholders are giving excuses, yet we believe that in the next few years, more people will embrace mobile banking”.

He reiterated the rising significance of digital or online media in financial news reporting, saying it is where the future lies.

Speaking on Thursday at the launch of Ficannews.com, an online news website published by Finance Correspondents Association of Nigeria (FICAN), the NIBSS boss said the group 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. He said 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 said.

The NIBSS boss challenged FICAN to push the website traffic to 10,000 visits daily for a start, while reiterating his confidence that it will become a rallying point in financial news reporting in no distant future.

FICAN Chairman, Babajide Komolafe, said the website launch was a celebration of relationship with the association’s critical stakeholders. “We will be relying on the support of key stakeholders to make the vision behind the website a reality. VAS2Nets has demonstrated good attitude to work and professionalism. We are confident that the financial industry and other critical stakeholders in the business world will take advantage that the website presents and promote their brands,” he said.

Acting Director, Corporate Communications, at the Central Bank of Nigeria (CBN) Isaac Okorafor, praised 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, said he was confident the website will live up to expectations.

Head Corporate Communications, Asset Management Corporation of Nigeria (AMCON) Jude Nwauzor, said the corporation has a long-standing partnership with FICAN which will not only continue to thrive but also add value to both parties.

Head of Media at United Bank for African, Nasir Ramon, said the website will be a reference point in financial news reporting in the years ahead because of the quality of work put to it.

Likewise, Union Bank’s Head of Media, Olufemi Adekola, said website will become a pace setter and improve the level and quality of financial news reporting in the industry.

President and Chief Executive Officer, VAS2Nets, a technology firm that built the website, Ayo Stuffman, said it was developed based on international best practices and will meet the daily and hourly news needs of the public. He said the company was happy to celebrate with FICAN for the milestone which he believes would be sustained.