Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

In recent years, Nigerian banks and their customers have suffered increasing losses due to the activities of cybercriminals.

This has led to a loss of trust in the Nigerian banking system and frustrated the government’s efforts to drive financial inclusion, as many have become wary of keeping their money in the banks.

To tackle this issue and rebuild public confidence in the financial system, the government has initiated the validation of a National Consumer Trust Framework.

The initiative is led by the Presidential Committee on Economic and Financial Inclusion (PreCEFI) and will harmonise the independent efforts being made by several regulatory agencies and financial institutions to resolve the matter.

About five suspects were recently arraigned by the Economic and Financial Crimes Commission (EFCC) for trying to hack into PremiumTrust Bank and steal customer funds.

Two of the suspects were bank staff, an indication that the problem will require multi-stakeholder engagement to solve.

Announcing the initiative at a workshop at the Presidential villa, Abuja, the Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Abubakar Zauro, noted that it will play a key role in improving financial inclusion in Nigeria.

He said:

“If you look at the Renewed Hope Agenda, almost all eight priority areas touch on financial inclusion, especially access to capital and inclusivity. Every economically active Nigerian must not be left behind. This is about building trust for the last man, the poor and vulnerable Nigerian."

He decried the cybercrime that has increased public anxiety and reduced consumer trust in the banking system, noting that even a loss of ₦1,000 at a POS terminal could have huge implications for the owner.

It has been a nightmare for Nigerian banks as they continue to battle repeated cyber attacks threatening their banking infrastructure.

He noted that the framework would create a unified national policy by coordinating the efforts of the Central Bank of Nigeria (CBN), Federal Competition and Consumer Protection Commission (FCCPC), and other concerned agencies, including the Judiciary.

He added that judicial officers in Nigeria would receive proper financial education to equip them to handle disputes in the financial sector effectively.

Under the new framework, the federal government will track in real time how the various banks handle complaint resolutions and hold them accountable for any shortfalls.

Speaking on the sidelines of the workshop, the CBN Director of Consumer Protection and Financial Inclusion, Aisha Isa Olatiwoon, explained that consumers would be required to first report to their banks, after which the matter can be escalated if unresolved.

She disclosed that the CBN’s Customer Complaint Management Solution (CMS) will be integrated into the broader industry dispute resolution system to restore consumer trust and achieve sustainable banking.

She said;

“This is about transparency, accountability, and ensuring that every Nigerian feels safe banking. We’re not just talking. The national framework will be formally issued and, if necessary, backed by legislation. Mr. President is ready to do all that is needed to restore confidence.”

According to the Nation news, the CBN will officially launch the National Framework on Strengthening Trust for Financial Inclusion in the coming weeks, and will become the central policy reference for all the concerned parties.

In related news, Legit.ng reported that the Economic and Financial Crimes Commission (EFCC) has issued another warning to the public, calling for vigilance and caution in safeguarding personal and business bank accounts.

The message to the public is part of EFCC's bid to combat rising incidents of bank fraud across Nigeria.

During a recent episode of #EFCCCONNECT (Episode 145), the commission highlighted various forms of bank fraud that have been increasingly reported.

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Source: Legit.ng