New Telegraph

Groups unveil report on digital financial services assessment

Innovations for Poverty Action (IPA) and the Inclusion for All initiative, yesterday, announced the launch of the Measuring Fees and Transparency in Nigeria’s Digital Financial Services report. The joint study examines compliance levels with existing fee structures, compliance with price transparency requirements, the reliability of transactions and the consistency of information available from customer service channels – highlighting a series of barriers that impact consumer trust in financial services.

Nigeria’s digital financial services ecosystem has rapidly evolved over the last decade due to increased broadband and mobile penetration and digital payments, which boost financial access in urban, rural, and hard-to-reach areas across the country. According to a statement from the organisations, this progress provides underbanked populations with greater access to digital banking products, mobile payments, savings and credit facilities – transforming the financial inclusion landscape. However, between 2018 and 2020, financial exclusion in Nigeria decreased by only 1 percentage point, from 37 per cent in 2018 to 36 per cent in 2020. The cost of financial services remains a major barrier to access for price-sensitive consumers, especially within marginalised, vulnerable, and lower-income segments of society. In addition, any lack of transparency on product pricing, departures from regulated pricing and limits trust between customers and service providers.

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