CBN, Presidency Unveil Harmonized Framework to Boost Consumer Trust and Financial Inclusion

In a renewed effort to rebuild public confidence in the financial sector and accelerate financial inclusion, the Central Bank of Nigeria (CBN), in collaboration with the Office of the Vice President, has unveiled plans for a **National Consumer Trust Framework**, aimed at harmonizing consumer protection policies across regulatory bodies.

Speaking at a high-level stakeholder workshop in Abuja, Dr. Aisha Isa Olatiwoon, Director of Consumer Protection and Financial Inclusion at the CBN, emphasized the importance of accountability and consumer redress within the banking sector. “The CBN has done so much to ensure consumers are protected. Any unresolved complaint from a financial institution must escalate to the CBN. That’s why we are integrating our complaint management system with an industry-wide dispute resolution mechanism,” she said.

The framework is part of a broader strategy under President Bola Tinubu’s *Renewed Hope Agenda*, which prioritizes economic inclusivity and access to capital for every Nigerian. **Dr. Nurudeen Abubakar Sago**, Technical Advisor to the President on Economic and Financial Inclusion, stated that trust is the foundation of any successful financial system.

“Cybersecurity threats, fraud, and lack of redress have eroded confidence,” he said. “This framework brings together regulators, the judiciary, National Assembly, and consumer protection agencies like the FCCPC to provide a unified response and build trust—so even the poorest Nigerian can feel safe putting money in the bank.”

According to Dr. Sago, the harmonized framework is already in draft form and will soon be launched formally by the CBN. He stressed the need for a system that recognizes the unique challenges of underserved populations, including those in rural areas.

“Even ₦1,000 can mean everything to a vulnerable Nigerian,” he noted. “Restoring trust isn’t just policy—it’s personal. This is how we move towards a \$1 trillion economy by 2030.”

Stakeholders at the workshop, which included representatives from the private sector, judiciary, National Assembly, and civil society organizations, reviewed the draft framework to ensure broad ownership and sustainability.

If necessary, legislative backing will follow, Dr. Sago confirmed, noting that President Tinubu is prepared to support all necessary steps to strengthen Nigeria’s financial ecosystem.

The workshop marks a significant step toward aligning Nigeria’s consumer protection landscape with its economic growth ambitions, especially within the African Continental Free Trade Area (AfCFTA). The initiative also supports ongoing financial literacy and inclusion campaigns aimed at integrating more Nigerians into the formal financial system.

The new framework is expected to be formally launched by the Central Bank in the coming weeks.