Digital finance growth outpaces confidence in Nigeria, report finds

The rapid expansion of digital finance in Nigeria is occurring at a faster pace than the growth of public confidence in the financial ecosystem. This disparity has prompted the Bridgforte Centre for Global Impact to introduce a new governance framework and a dedicated "Trust Lab" initiative.

These efforts aim to bolster trust in platform-led financial services. The announcement came during the launch of Bridgforte's policy report, "Trust Architecture in Platform-Led Finance," which was presented during a global online dialogue attended by over 400 participants, including central bankers, regulators, financial institutions, and fintech leaders.

Mrs. Aishah Ahmad, Founder of Bridgforte and former Deputy Governor of the Central Bank of Nigeria, emphasized that future financial inclusion hinges not only on expanding access to digital services but also on deliberately cultivating confidence. She stated, "Customers do not experience individual institutions. They experience the financial system as a whole, and in increasingly interconnected financial systems, trust is built or broken in the handoffs between institutions. Trust is not a communications exercise. It is a governance outcome, and it must be deliberately designed."

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Customers do not experience individual institutions. They experience the financial system as a whole, and in increasingly interconnected financial systems, trust is built or broken in the handoffs between institutions. Trust is not a communications exercise. It is a governance outcome, and it must be deliberately designed.

Research conducted by Bridgforte indicated a consensus among financial sector leaders regarding the confidence gap. Participants at an executive table in Lagos rated trust resilience at 5.4 out of 10, while a global launch event scored it 5.7 out of 10. Nomfundo Tshazibana, Deputy Governor of the South African Reserve Bank, described trust and confidence as "economic infrastructure," essential for building resilient financial systems.

To tackle this issue, Bridgforte has developed a Trust Architecture Framework built on five key pillars: Infrastructure Integrity, Institutional Accountability, Technology Governance, Ecosystem Coordination, and Cultural Confidence. The Trust Lab will serve as a long-term platform for research and dialogue to help policymakers and industry leaders enhance confidence in the evolving digital financial landscape.

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credible institutions, sound governance, effective collaboration and continually earned public confidence.