Nigeria's Financial Inclusion Efforts Face Challenges Due to Trust Gap
Nigeria's financial inclusion efforts, which have been lauded for their innovation and expansion, are facing significant challenges due to a growing trust gap among users. Over the past fifteen years, Nigeria has developed a robust financial system that includes payment rails, biometric identity systems, and a licensing regime that integrates fintech players and mobile money operators. However, despite these advancements, the use of financial services has stalled. According to data from the Nigeria Inter-Bank Settlement System, more than 33 million bank accounts were dormant as of March 2025, a sharp increase from under 20 million a year earlier. This rise in dormancy is partly attributed to regulatory changes requiring account linkage to verified identity numbers, but the underlying trend of increasing dormancy persists. The issue is compounded by a fragmented system where responsibility for customer experience is unclear, leading to a loss of confidence among users. 
