Achieving Financial Inclusion Through Radio Advocacy
Before you go through this, I need you to think of how better to reach out to over 1.7 billion financially excluded adult population in the world.
It will interest you to know that, 2017 global unbanked population is over 1.7 billion (FINDEX). Based on demography, 56% of this population are women from Africa and Asia. A lot of factors have been identified to must influenced this statistic ranging low income, unemployment, educational attainment, governmental policies and sociocultural believes. For some, the limiting factor is not about lack of access to financial products and services as financial inclusion is defined, rather; lack of trust in the financial institutions.
The need for consumer protection is on the increase as financial technology gains advancement daily. The extent user’s rights can be secured to boost their engagement with the formal financial sector is topical at most financial inclusion events across the globe. Above all the strategy provided by regulatory bodies, there is an information gap between the service providers and consumers especially in developing nations. The need to foster a conversation that is crude, raw, usable, applicable, measurable and self-sufficient as feedback is the bedrock of financial education.
Many possibilities bound around the use of media; most especially the conventional radio set with massive network coverage that can serve the plethora number of the underserved in the remote communities.
It is high time we considered the success story of the radio in advocacy and how it can be used to broadcast information on financial inclusion, consumer protection, financial education and national strategies. The radio has been identified as not just the cheapest means of public communication but also the oldest. Research has also confirmed it that over 75percent of household in developing countries has a radio set (UNESCO). Most successful organizations have affiliated their success story to long time promotions through strategic radio awareness.
Most Nations with massive crusade against poverty in the world have one time or the other explore the possibilities of radio awareness. In recent publication by Bangladesh NGOS Network for Radio and Communication (BNNRC), over 975 radio programs are broadcasted around radio drama, talk show, news bulletin, radio feature and magazine program on achieving the Sustainable development goals. Ultimate success has been recorded on 8 of the 17 sustainable development goals presently in Bangladesh.
In the penultimate year to the realization of the financial inclusion mandate set by the Central Bank of Nigeria to achieve 80% financial inclusion rate by 2020 in the country, it is important we improve strategies to strengthen financial inclusion advocacy through means that is measurable and has greater penetration among the unbanked populations. The effectiveness of radio as a medium for social change cannot be overemphasized. The recent election in Nigeria is a proof that the impact of radio in the rural community is higher than the social media influence. So, we must concurrently stimulate the radio influence among the rural communities who as little social media presence to realize the financial inclusion goal.
What Makes the Radio a Powerful Advocacy Tool
- Less Dependency On Power Supply
Most developing countries are struggling with the issue of having steady power supply especially in Africa. The fact that a radio has an alternative power source makes it advantageous to a couple of users. It could be powered with a life cell battery or even using the solar power source.
- Portability and Easy Use
Recent advancement in technology has reduced the radio to something that is handy enough to be moved from one place to another.
- Localized And High Network Coverage
Most listeners have sustained interest in the radio set considering the fact that it has a localized network coverage within the reach of individuals in a particular area.
- Zero Subscription Or Charge Rate
I guess this is the most fascinating factor to most individuals. The radio has zero charge rate and is not dependent on data except online radio stations.
- Affordable
The cost of purchasing a portable radio set is very minimal. The radio is what both the rich and the poor can afford. There is uniformity of access promoting equality among consumer.
- Local Language Framework
Most radio programmes are broadcasted using local languages that listener can easily identify with and also the presenter.
For a lasting solution to the acclaimed problems and issues people have with banks and other financial institution. It is expedient to state that, as important and effective one on one advocacy seems to be, the radio has the capacity to deliver greater result within a very short space of time with greater coverage.
Financial inclusion will be unprofitable if the underserved still eschew from formal financial sector not directly due to lack of interest but instead; lack of information on available products and services relevant to their needs. Let us give voice to the voiceless by helping the poor and marginalized communities to raise their own voices against financial exclusion and poverty.
