The Federal Government, in collaboration with key financial sector stakeholders, has initiated steps to develop a harmonised regulatory framework aimed at addressing persistent glitches in online financial transactions and boosting financial inclusion across Nigeria.
At a high-level meeting held on Monday at the Presidential Villa in Abuja, representatives from the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Chartered Institute of Bankers of Nigeria (CIBN), Lagos Business School, Nigeria Financial Intelligence Unit (NFIU), and the Nigeria Police Force gathered to brainstorm solutions to the recurring challenges in the financial services sector.
The stakeholders acknowledged widespread dissatisfaction among Nigerians regarding the government's financial inclusion policies, noting that a harmonised complaint resolution system could help salvage public trust in the sector.
Building Consumer Trust
Nurudeen Zauro, Special Adviser to the President on Economic and Financial Inclusion, who convened the meeting, emphasized that the government has developed plans to ease transactions, payments, savings, credit, and insurance services. These initiatives aim to help citizens manage risks, build wealth, and invest in businesses.
"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, highlighting the importance of consumer trust in financial inclusion efforts.
He revealed that the government is prepared to pursue legislation to address consumer trust issues if necessary, recalling that President Bola Tinubu had issued an order in 2024 to strengthen partnership and collaboration among stakeholders in recognition of the importance of financial institutions to the Nigerian economy.
Addressing Systemic Challenges
Zauro noted that issues around cybersecurity, fraud, trust deficits, and knowledge gaps have necessitated a coordinated approach to restore confidence in the financial system, particularly among vulnerable Nigerians.
"We already have a draft framework," he disclosed, adding that both private and public sector institutions are heavily represented in the initiative. "At the end of the day, it will be issued as a national framework for the country."
According to Zauro, President Tinubu is committed to taking all necessary steps to restore Nigerians' confidence in the financial system.
CBN's Role in Consumer Protection
Aisha Olatiwoon, Director of Consumer Protection and Financial Inclusion at the CBN, explained that the apex bank has implemented measures to ensure consumers receive remediation for breaches of financial inclusion plans.
She clarified the complaint escalation process, stating that customers should first approach their banks with issues, and only escalate to the CBN if the banks fail to resolve them within the regulatory specified period or if the resolution is unsatisfactory.
"The CBN has put in place a customer complaint management solution, which we are working to integrate with the industry dispute resolution system," Olatiwoon said. "That way, we have an overview and clear online visibility of complaints and can hold financial institutions responsible for not resolving issues within the set time."
The CBN also identified consumer illiteracy as a contributing factor to some of the challenges faced in the financial sector.
With this new framework, the government aims to create a more inclusive, trustworthy financial ecosystem that serves all Nigerians effectively while addressing the persistent transaction glitches that have undermined public confidence in digital financial services.
