The EFInA Podcast

Quick Fact: Negative perceptions, informed by bad experiences and fraud, have been a significant deterrent to formal financial leading to a lack of trust in financial institutions and restraints in engaging with formal banking systems.

Why is it important? 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, not only erode trust but also discourage individuals, particularly those in underserved communities, from fully adopting digital payment systems and financial products.

In this episode, we discuss with Prof. Chiso Ndukwe Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), Nigeria, on the root causes of digital fraud, the structural vulnerabilities that expose at-risk populations, and the proactive measures necessary to fortify consumer protection and build trust in Nigeria’s rapidly evolving digital financial landscape.

Quick Fact: 26% of Nigerians remain financially excluded, many of whom are women, youth, and people in rural communities, who form the largest segment of last-mile consumers.

Why it is important: Digital innovation in digital financial services (DFS) has significantly reduced financial exclusion and can bridge gaps in access to essential services. However, adoption among last-mile consumers remains hindered by low digital literacy, limited technology access, and security concerns.

In this episode, we discuss with Mr. Olu Akanmu, EFInA Board Director and Academic Director, Tech-Leap Initiative, Lagos Business School, the benefits and pitfalls of digital innovation in driving financial inclusion for the last mile, especially as digital innovation is leapfrogs at a pace faster than social development.

Quick Fact: Between 2020 and 2023, financial inclusion in Nigeria moved from 68% to 74%. However, many are still excluded from formal financial services, an estimated 40.3 million Nigerian adults.

Why it is important: To achieve last-mile financial inclusion, it is crucial to understand the causes of continued exclusion, and to fashion responsive policies and regulations, interventions, and financial services, that meet the excluded where they are.

On this episode, we discuss with Dr. Nurudeen Zauro, sector professional and policy expert currently serving as the Technical Adviser to President Bola Ahmed Tinubu, on Financial and Economic Inclusion, to discuss the Federal Government’s policy direction and programmatic strategy for achieving last mile financial inclusion for socio-economic development in Nigeria.