Financial inclusion is also about the experience. For many consumers, especially those in underserved and rural communities, interacting with financial services can involve navigating unclear terms, failed transactions, unexpected charges, increasing exposure to fraud risks and carrying out financial transactions in a language they do not fully understand. These everyday challenges shape trust, confidence, and sustained participation in the financial system.
In this episode of I4All Radio, host Oluchi Okafor, Brands and Communications Manager at EFInA, sits with Prof. Chiso Ndukwe Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), for a timely and insightful conversation on the challenges facing vulnerable users across Nigeria’s financial landscape.
The discussion delves into key issues affecting consumer experience and financial inclusion, including:
- How confusing product information and hidden terms impact user confidence
- The implications of transaction failures and unexpected charges on financial behaviour
- Rising fraud risks and their disproportionate effects on poor and rural users
- Gaps in consumer protection awareness, accountability, and redress mechanisms
- The role of financial literacy in enabling safer and more confident usage
Beyond identifying challenges, the episode highlights practical actions that regulators, financial service providers, and ecosystem stakeholders can take to strengthen transparency, improve user experience, and reinforce consumer trust.
Tune in to this episode of I4All Radio and explore insights relevant for policymakers, financial service providers, researchers, consumer advocates, and everyday users navigating Nigeria’s financial system.
