The Central Bank of Nigeria has urged financial institutions to shift their focus from mere account-opening metrics to delivering measurable customer outcomes, warning that financial inclusion without strong corporate governance risks eroding public trust and exposing consumers to heightened fraud and operational failures.
Speaking on Wednesday at the 3rd National Corporate Governance Summit 2026 in Lagos, the Deputy Governor, Economic Policy, Central Bank of Nigeria, Philips Ikeazor, stressed that while access opens the door to financial services, sound governance remains the anchor that keeps the system safe and customers protected.
“Access opens the door to finance; governance keeps the door open, the system safe and the customer protected,” Ikeazor stated.
Represented by the Director, Payment System Supervision Department, CBN, Rakiya Yusuf, Ikeazor highlighted that while Nigeria’s formal financial inclusion rate rose from 56 per cent in 2020 to 64 per cent in 2023, access alone has not guaranteed active use
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