The Central Bank of Nigeria and the Office of the Vice President have unveiled a draft framework aimed at restoring public trust and improving financial inclusion nationwide.
The plan focuses on better complaint resolution, fraud prevention, and rebuilding confidence in formal banking, especially among vulnerable communities and underserved citizens across the country.
In a significant policy move aimed at restoring public trust in the Nigerian financial system, the Central Bank of Nigeria (CBN), in collaboration with the Office of the Vice President, on Monday, June 2, 2025, unveiled a draft National Framework on Strengthening Trust for Sustainable Economic and Financial Inclusion.
The initiative, launched during a high-level stakeholder meeting in Abuja, is part of a broader national strategy to tackle growing concerns around financial system integrity, fraud, poor service delivery, and consumer dissatisfaction. According to officials, the framework is designed to create a more inclusive, transparent, and consumer-focused financial environment, especially for Nigeria’s vulnerable and underserved populations.
Core objectives of the framework
The proposed framework sets out clear goals to address the most pressing issues in the banking sector:
1. Strengthening complaint resolution systems:
The CBN plans to streamline and improve how banks handle customer complaints. Currently, many Nigerians abandon formal financial institutions due to poor complaint redress mechanisms. The new framework will integrate the CBN’s Complaint Management System (CMS) with bank-specific platforms to ensure customers receive timely and fair resolutions. Banks will be monitored for compliance, with potential sanctions for institutions that consistently underperform.
2. Reducing financial fraud:
With digital fraud cases on the rise, the framework emphasizes the need for better oversight and investment in security infrastructure. Financial institutions will be required to enhance internal controls, invest in fraud detection technologies, and support consumer education initiatives. These measures are expected to significantly reduce cases of identity theft, unauthorized transactions, and phishing scams.
3. Rebuilding trust in formal banking channels:
Low trust remains a barrier to financial inclusion, particularly in rural areas. The framework aims to shift perceptions by ensuring fairness, transparency, and consumer protection at all levels. By rebuilding this trust, the CBN hopes to increase participation in the formal financial ecosystem and improve savings, credit access, and digital payments adoption.
Statements from key officials
Dr. Aisha Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion at the CBN, noted that the reform is a critical step toward restoring accountability in Nigeria’s financial services sector.
“We’re determined to build a system where consumers feel heard and protected. Integrating our complaint channels with industry-wide platforms will ensure transparency and foster trust.”
Dr. Nurudeen Abubakar Sago, Technical Advisor to the President on Economic and Financial Inclusion, explained that the framework reflects the core goals of President Bola Tinubu’s Renewed Hope Agenda, which emphasizes inclusive growth and access to financial opportunities for all citizens.
“We must build a system that works for everyone, especially those historically left behind. This framework is about creating equal financial opportunities and reinforcing confidence in our banking system.”
Although still in draft form, the framework is undergoing extensive stakeholder consultations to ensure it reflects the needs of consumers, banks, and regulators. Once finalized, it will be formally launched and potentially supported by enabling legislation to enforce compliance and accountability.
As financial inclusion in Nigeria improves from 54% in 2020 to 64% in 2023, the framework seeks to ensure that this growth is matched by quality service and consumer confidence. The CBN and Presidency remain optimistic that this move will boost greater trust and participation in the formal financial sector.
