Nigeria’s financial inclusion gains risk losing trust as dormant accounts surge

Having contributed to Nigeria’s fintech framework as a former deputy governor of the Central Bank, the writer observes that the country’s financial inclusion achievements are now being undermined by a trust deficit. Data from the Nigeria Inter-Bank Settlement System show dormant accounts climbing to more than 33 million in early 2025, a rise partly driven by recent identity-verification mandates. Beyond regulatory effects, the increase signals that users are disengaging due to everyday frustrations such as failed transactions and unresolved complaints.

The current supervisory model treats each institution separately, leaving the systemic experience unaccounted for. The author calls for reforms that assign clear accountability for the overall customer journey, emphasizing that confidence must become as central as access in future policy. Without such changes, the gains in inclusion may not be sustainable.