Breaking the Silence on Consumer Dispute Reporting & Resolution in Nigeria's DFS Ecosystem.

According to EFInA’s 2023 Access to Financial Services in Nigeria Survey (A2F) Report, negative perceptions, informed by bad experiences and fraud, have been a significant deterrent to formal financial inclusion, leading to a lack of trust in financial institutions and restraint in engaging with formal banking systems. This lack of trust has significant implications for Nigeria’s digital economy, where the success of digital financial services (DFS) hinges on consumer confidence and security. Fraudulent activities, including identity theft, phishing scams, and unauthorized transactions, erode trust and discourage individuals, particularly those in underserved communities, from fully adopting digital payment systems and financial products. In this episode, The conversation with Mr Ajibade Laolu-Adewale (Chairman, CeBIH; and Group Head, Partnerships, Digital Solutions and FINTECHs in WEMA Bank) seeks to answer the question, “How can Nigeria effectively report their grievances with FSPs and get satisfactory redress to build confidence in the system, leading to higher DFS updates and, ultimately, driving financial and economic inclusion