The Federal Government, in collaboration with key financial sector stakeholders, has initiated plans 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 growing public dissatisfaction with the government's financial inclusion policies, noting that a harmonised complaint resolution system could help salvage the sector's reputation and restore public trust.
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, while helping Nigerians 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 achieving financial inclusion goals.
He revealed that the stakeholder forum was the culmination of over one year of brainstorming sessions that led to the harmonization of a national consumer trust framework. Zauro also disclosed that the Presidency already has a draft framework and is prepared to pursue legislation if necessary.
"Mr. President is pretty much ready and available to do all that is needed to restore the confidence of Nigerians in the financial system," he assured.
CBN's Role in Consumer Protection
Aisha Olatiwoon, Director of Consumer Protection and Financial Inclusion at the CBN, highlighted the apex bank's efforts in ensuring that consumers receive remediation for breaches of financial inclusion plans.
She clarified the complaint escalation process, explaining that customers should first report issues to their banks before approaching the CBN if the resolution is unsatisfactory or exceeds the regulatory specified period.
"The CBN has put in place a customer complaint management solution, which we are working to integrate with the industry dispute resolution system. That way, we have an overview and a very clear online visibility of complaints and hold financial institutions responsible for not resolving within the set time," Olatiwoon explained.
The CBN also attributed some of the challenges to consumer illiteracy, suggesting that improved financial education could help address certain issues.
This initiative aligns with President Bola Tinubu's 2024 directive to strengthen partnership, collaboration, and commitment among stakeholders, recognizing the importance of financial institutions in Nigeria's economy.
