Nigeria’s digital financial ecosystem has reached a critical turning point where the country’s biggest challenge is no longer getting people into the formal financial system but ensuring they trust it enough to stay, according to a new policy framework report released on Monday.
The report titled ‘Trust Architecture in Platform-Led Finance: Structural Governance Imperatives for Nigeria’s Digital Financial Ecosystem’ noted that while Nigeria has become one of the world’s leading digital payments markets, the next phase of growth depends on fixing structural weaknesses that undermine consumer confidence.
The report, produced by Bridgforte in partnership with the UNDP Innovation Centre in Lagos, said confidence has failed to keep pace with the rapid expansion of digital financial services, despite years of investment in payment infrastructure, digital identity and financial inclusion.
Read also: Lagos targets $1trn economy by 2052 with digital tracking platform
The warning comes as Nigeria processes more than N1.07
This post was originally published on this site.
