FG Urges Stakeholders to Restore Confidence in Financial Inclusion Programme

•Mulls legislation to back new framework

DejiElumoyein Abuja

Concerned about the growing disaffection among Nigerians over its poor financial inclusion plans, the federal government has tasked relevant stakeholders to restore public confidence in its financial inclusion programme.

Special Adviser to the President on Economic and Financial Inclusion, Nurudeen Zauro, while speaking at a stakeholders’ engagement forum yesterday, disclosed that government has also developed plans to ease transactions, payments, savings, credit and insurance, as well as help people manage risks, build wealth and invest in businesses.

Government, he said, would pursue legislation to address the issue of consumer trust, if necessary.

With financial inclusion, individuals and businesses are expected to have access to and use affordable financial products and services that meet their needs, which are delivered in a responsible and sustainable way.

Zauro charged stakeholders to, “ build public trust” in the management of financial inclusion, set clear declaration on where customers can make necessary complaints and work on the regulatory spectrum to address the challenges in the national inclusion issue.

According to him, “the People must trust and have confidence in the system, as well as evolve mechanisms on how people can seek redress for infractions”

He recalled how President Bola Tinubu had in 2024, issued an order to strengthen partnership, collaboration, commitment amongst the stakeholders, as well as recognition of the importance of financial institution in the Nigerian economy

“So what brings about this national framework for consumer trust? We believe that for people to come and be financially included, they have to build confidence and trust in the system,” he added.

He recalled that there have been issues around cyber-security, 419, trusts, and even a lack of knowledge in terms of capacity building.

He added: “So because of that, there’s a need for us to ensure that all the instrumentality of government are on board, they are doing their work in order to restore the trust of the last man, the poor and vulnerable Nigerian. That is why we started with the workshop with the entire stakeholders.”

He disclosed that the stakeholders’ forum was the direct result of over one year of brainstorming sessions, which harmonised the national consumer trust framework.

“So we know a lot of agencies that are doing good things, like the central bank, they are doing fantastic job. All the regulators are also doing good things.”

He assured that the Presidency would keep engaging “stakeholders to see, how we can serve Nigerians better?

The presidential aide also revealed that the Presidency already has a draft framework.

According to him: “That’s why both the private and public sector institutions are all heavily represented in this at the end of the day, it will be issued as a national framework for the country.

“As we move on, if the situation demands legislation, then that will be done. Mr. President is pretty much ready, is available, to do all that is needed to restore the confidence of Nigerians in the financial system.

He will be able to say ‘yes, I believe we have, we have a trusted financial system.”

Also speaking, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria, Aisha Olatiwoon, said the apex bank has done much in ensuring that consumers of the banking sector get remediation for breach of the financial inclusion plans of the federal government

Her words: “I think, where the issue is, is that every complaint is pushed by the consumer to CBN.

“That’s the reason I said the workshop today is apt, bringing together various regulators from different industries, even beyond the financial system.

She also blamed illiteracy on the side of the consumers for some of the challenges.

According to her: “Complaints that should come to CBN are basically complaints that remain unresolved by the financial institutions. And what do I mean by this? Customers are supposed to first escalate to their banks, and it is when the banks do not resolve  within the regulatory specified period, or when the resolution is unsatisfactory to the consumer, then the consumer has a CBN backup.

“Not withstanding all of this arrangement, 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 companies and hold financial institutions responsible for not resolving within the set time.”

The Forum brought together stakeholders from the Chartered Institute of Bankers, the Nigeria Financial Intelligence Unit NFIU, the Nigeria Police Force, members of the National Assembly and other relevant stakeholders to address the issue of trust in the Nigerian financial inclusion plans.