From Juliana Taiwo-Obalonye, Abuja
In response to growing public dissatisfaction with Nigeria’s financial inclusion efforts, the federal government on Monday urged all stakeholders to intensify efforts to restore consumer trust and confidence in the national financial inclusion programme.
The government’s initiative aims to simplify access to financial services such as transactions, payments, savings, credit, insurance, and investment opportunities, particularly for underserved populations. However, persistent issues around trust have hindered progress.
Special Adviser to the President on Economic and Financial Inclusion, Nurudeen Zauro, stressed the critical need to “build public trust” in the management of financial inclusion.
Speaking at a stakeholders’ engagement forum, he called for clear mechanisms where consumers can lodge complaints and for regulatory bodies to address ongoing challenges.
“The people must trust and have confidence in the system, as well as evolve mechanisms on how people can seek redress for infractions,” Zauro stated.
He highlighted President Bola Tinubu’s 2024 directive to strengthen partnerships and collaboration among stakeholders, underscoring the vital role financial institutions play in Nigeria’s economy.
“For people to come and be financially included, they have to build confidence and trust in the system,” he added.
Zauro acknowledged past challenges, including cybersecurity threats, fraud, and limited consumer knowledge, which have eroded confidence.
“There’s a need for all government agencies to be fully engaged in restoring trust, especially for the poor and vulnerable Nigerians.
“This workshop is a result of over a year of brainstorming that harmonised the national consumer trust framework,” he explained.
He praised agencies like the Central Bank of Nigeria (CBN) for their efforts, assuring that the Presidency will continue engaging stakeholders to improve service delivery.
Zauro also revealed that a draft national framework on consumer trust has been prepared, with plans to introduce legislation if necessary.
“Mr. President is ready to do all that is needed to restore Nigerians’ confidence in the financial system. He will be able to say, ‘Yes, I believe we have a trusted financial system,’” he affirmed.
Director of Consumer Protection and Financial Inclusion at the CBN, Aisha Isa-Olatiwo, on her part, said the bank’s commitment is to ensuring consumers receive remediation when financial inclusion policies are breached.
She pointed out that many complaints arise because consumers do not first escalate issues to their banks.
“The reason this workshop is apt is that it brings together regulators from various industries, even beyond the financial system,” Olatiwoon said.
She attributed some challenges to consumer illiteracy and clarified the complaint process: “Customers are supposed to first escalate to their banks. If unresolved within the regulatory timeframe, or if the resolution is unsatisfactory, then the consumer can approach the CBN.”
Olatiwoon added that the CBN is integrating its customer complaint management solution with the industry dispute resolution system to enhance transparency and accountability.
The forum convened representatives from the Chartered Institute of Bankers, Nigeria Financial Intelligence Unit (NFIU), Nigeria Police Force, members of the National Assembly, and other key stakeholders to collaboratively address trust issues affecting Nigeria’s financial inclusion agenda.