Nigeria’s drive to build a modern and resilient financial system must be matched by a transformation in financial journalism, with reporters expected to become stronger interpreters, investigators, educators and watchdogs as banking, fintech and digital payments become increasingly complex.
Saturday Editor of THISDAY, Dr Obinna Chima, made the submission in a paper titled, “The Role of the Media in Building a Future-Ready Financial System,” delivered at the Central Bank of Nigeria-organised 34th Seminar for Finance Correspondents and Business Editors at Lake Greenfield Hotels, Abuja, on September 30, 2026.
Chima argued that the Nigerian financial system has changed fundamentally over the past decade, with banking recapitalisation, tax reform and the fintech revolution reshaping how institutions, businesses and individuals interact with financial services.
Against that background, he raised a central question for the country’s financial media: whether journalists are keeping pace with the financial system they are expected to explain to the public.
Financial Media Critical to Public Trust
According to Chima, Nigeria cannot develop a genuinely future-ready financial system without equally future-ready financial journalism.
He said financial systems depend heavily on trust, making the quality of information available to investors, depositors, businesses, policymakers and the wider public an important component of financial stability.
Journalists, he explained, occupy an important position between highly technical financial institutions and citizens who may not understand the specialised language surrounding banking, monetary policy and financial markets.
Through effective information dissemination, the media can connect institutions with a wide range of stakeholders, including ordinary citizens, traders, students, teachers, bankers and policymakers.
The implication is that financial journalism should not be treated simply as another branch of business reporting.
Poorly explained policies can leave citizens confused about reforms that directly affect their savings, borrowing costs, businesses and investments. At the same time, credible reporting can help people understand the implications of policy changes and make more informed financial decisions.
Digital Banking, Fintech Change Reporting Landscape
Chima identified the transformation of the financial system as another reason journalism must evolve.
Digital banking has expanded rapidly, fintech companies have introduced new products and mobile payments have become increasingly integrated into everyday transactions.
These developments have also created new financial services while blurring some of the traditional boundaries between banks, technology companies and other financial-service providers.
The presentation described a progression from digital banking to fintech, mobile payments and new financial services, eventually producing increasingly blurred industry boundaries and, consequently, new demands on financial journalism.
That transformation means reporters covering finance must increasingly understand technology alongside traditional banking and economics.
A financial journalist may now need to examine digital-payment infrastructure, fintech business models and emerging financial products while still following monetary policy, banking regulation and financial markets.
‘Move Beyond Figures to Interpretation’
Chima said one of the most important changes required in financial journalism is a transition from simply reporting figures towards explaining what those figures actually mean.
He argued that journalists must investigate the factors driving the financial performance of institutions and increasingly shift attention from what organisations say about themselves to what their underlying numbers reveal.
“The future financial journalist must be an interpreter, investigator, educator and watchdog,” the presentation stated.
That approach would require journalists to interrogate financial statements, compare performance across periods, examine policy outcomes and provide readers with enough context to understand why a particular development matters.
It also reinforces the traditional accountability function of journalism.
Rather than relying exclusively on press releases and prepared statements, financial reporters would be expected to test institutional claims against available financial data and other evidence.
Credibility More Important Than Being First
The pressure created by digital publishing was another major issue highlighted in the presentation.
News organisations increasingly operate in an environment where financial information can spread across social media and digital platforms within seconds.
However, Chima cautioned against sacrificing accuracy in the race to publish ahead of competitors.
“In financial journalism, credibility is more valuable than being first,” the presentation stated.
The warning carries particular importance in financial reporting because inaccurate information can potentially influence investor decisions, affect perceptions of institutions and contribute to misinformation about economic policies.
Speed remains an important feature of modern journalism, but the presentation placed credibility and accuracy at the centre of responsible financial reporting.
Media Must Champion Financial Literacy
Beyond reporting financial developments, Chima also identified financial education as an important responsibility of the media.
The presentation described the media as a potential champion of financial literacy, with responsibilities including explaining financial reforms, connecting government and regulatory policies to ordinary citizens and providing financial education.
This role becomes increasingly important as financial products grow more sophisticated.
Citizens are now confronted with digital loans, investment platforms, mobile wallets, electronic payments and other products that may require greater understanding of costs, risks and consumer rights.
Financial journalism can therefore help bridge the knowledge gap between the institutions designing financial products and the people expected to use them.
Regulation, Innovation and Capacity Building
Chima’s presentation also identified regulation, media responsibility, the relationship between innovation and regulation, and capacity building as important elements in constructing a future-ready financial system.
Developing a future-ready financial journalist formed part of that framework.
The emphasis on capacity building suggests that newsrooms will need to continually improve the skills of reporters covering increasingly technical areas.
Traditional reporting skills remain essential, but financial journalists may also require stronger capabilities in data interpretation, digital finance, emerging technologies and investigative reporting.
The transformation of financial journalism therefore mirrors the transformation occurring within the financial sector itself.
Trust, Technology Must Move Together
Chima ultimately argued that technological innovation alone would not determine the future of Nigeria’s financial system.
A credible media capable of strengthening trust, encouraging accountability and helping citizens understand the rapidly changing financial environment will also be required.
“The future of Nigeria’s financial system depends not only on technological innovation, but on a credible media that builds trust, promotes accountability and helps citizens understand a rapidly changing financial landscape,” the presentation stated.
His central conclusion was consequently straightforward: a future-ready financial sector requires a future-ready financial journalist.
As Nigeria continues to navigate banking reforms, fintech expansion, digital payments and broader changes within its financial architecture, the argument places the media alongside regulators, financial institutions and technology companies as an important participant in the country’s financial transformation.
For financial journalists, it also establishes a higher benchmark: reporting what happened is no longer sufficient. The emerging financial environment increasingly requires journalists who can explain why it happened, what the numbers reveal and what the development means for businesses, investors and ordinary Nigerians.
