The Federal Government has taken a bold step to combat cyber fraud and rebuild public trust in Nigeria’s financial system by convening a national stakeholders’ workshop aimed at validating a new National Framework on Strengthening Trust for Sustainable Economic and Financial Inclusion.
The initiative, spearheaded by the Presidential Committee on Economic and Financial Inclusion (PreCEFI), is designed to unify existing policies and regulatory actions to address long-standing distrust that prevents millions of Nigerians—especially the poor and vulnerable—from fully participating in the formal financial system.
Speaking at the event held at the Presidential Villa, Dr. Nurudeen Abubakar Zauro, Technical Adviser to the President on Economic and Financial Inclusion, emphasized that financial inclusion lies at the core of President Bola Tinubu’s Renewed Hope Agenda.
“Financial inclusion cuts across almost all eight priority areas of the Renewed Hope Agenda. Every economically active Nigerian must be part of the system,” Zauro stated.
He highlighted the growing impact of cyber fraud, popularly known as ‘419’ scams, as well as inefficient complaint resolution systems, which have left many Nigerians skeptical about entrusting their money to banks.
“To bring people into the formal financial system, there must be trust. For someone, losing ₦1,000 at a POS might seem small—but to another, that’s their entire savings. Restoring trust is essential,” he said.
Referencing a 2004 policy by then-Governor Tinubu that focused on institutional partnerships and collaboration, Zauro noted that the new national framework will take a similar but wider approach, engaging regulators, legislators, the judiciary, and private sector stakeholders.
“This is about creating one unified framework, not fragmented efforts. We want alignment between what the Central Bank, regulators, and consumer protection bodies like the FCCPC are doing,” he explained.
He also called for enhanced financial literacy within the judicial system to ensure fair and informed rulings in financial disputes.
“When a cattle seller saves ₦1 million, they should feel safe keeping it in a bank, not under a pillow,” Zauro said.
On the sidelines of the workshop, Dr. Aisha Isa Olatiwoon, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria (CBN), reaffirmed the bank’s commitment to consumer protection and clarified complaint procedures.
“If a customer’s complaint isn’t resolved by their bank within the required timeframe or the outcome is unsatisfactory, they can escalate to the CBN,” she said.
She noted that the CBN is already operating a Customer Complaint Management System, and is working to link it with an Industry Dispute Resolution System for improved monitoring and enforcement.
“We’re developing a real-time system to track how banks manage complaints and hold them accountable when they fall short,” Olatiwoon said.
She stressed that achieving financial inclusion requires collaboration among all regulatory bodies—financial and non-financial alike—with consumer protection and education at the forefront.
Zauro concluded that the workshop was not a mere policy dialogue but a launchpad for action.
“This framework will be implemented—possibly with legislative backing. President Tinubu is committed to restoring trust. With that, we can deepen financial inclusion and take full advantage of opportunities like the AfCFTA,” he stated.
The National Framework on Strengthening Trust for Financial Inclusion is set to be officially launched soon at the Central Bank of Nigeria, and will serve as a guiding document for policymakers, regulators, and financial institutions to drive consumer confidence and inclusion.
