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The Central Bank of Nigeria (CBN) 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 or customer security.
“True inclusion exists when people can confidently use financial services that are affordable, suitable, reliable and safe, and that improve their ability to earn, save, invest, withstand shocks and participate in the economy,” he said.
Addressing the risks associated with weak oversight during rapid expansion, Ikeazor cautioned financial operators against prioritising acquisition speed over institutional discipline.
“Weak governance can produce rapid customer acquisition but poor service, reckless digital lending, unsuitable products, agent misconduct, privacy breaches and avoidable fraud.
“Good governance creates the opposite: disciplined innovation, clear responsibility, better controls and lasting trust,” he warned.
To bridge these structural gaps, the apex bank outlined a 10-point practical action plan, directing financial institutions to establish board-approved financial inclusion policies, set measurable targets for underserved demographics and conduct quarterly performance reviews. Under the framework, inclusion metrics, service quality and conduct standards must also be tied directly to executive performance evaluations.
Furthermore, financial institutions are required to simplify transaction terms, pricing and complaint procedures while ensuring failed transactions are reversed promptly. For institutions deploying Artificial Intelligence and automated decision-making tools, the CBN directed that rigorous bias checks be conducted alongside mandatory human oversight for critical financial decisions.
To address vulnerabilities across retail delivery channels, banks and fintech operators must strengthen agent selection, training and liquidity support, while enforcing strict sanctions to curb fraudulent practices across agent networks.
Emphasising internal accountability, Ikeazor noted that corporate boards must maintain direct visibility over institutional commitments.
“A useful governance rule is that the institution should be able to trace every important inclusion promise to an owner, a control, a measure and a board report. Where any of these is missing, the promise is unlikely to survive pressure or rapid growth,” he said.
On consumer retention and overall system integrity, he stressed that inadequate grievance resolution mechanisms undermine long-term gains in the financial sector.
“A person who loses money and receives no help may return to cash and advise others to avoid formal finance. Consumer protection is, therefore, not merely a compliance duty; it is a condition for inclusion,” he warned.
Concluding his presentation, the CBN Deputy Governor reiterated that sustainable economic progress requires shared accountability between public and private sector actors.
“The true test of financial inclusion is not just whether a citizen can enter the financial system, but whether the system treats that citizen fairly, works when needed and helps the citizen move forward,” Ikeazor concluded.
The CBN’s plenary presentation, which focused on integrating corporate governance to achieve robust financial inclusion, was delivered during the first plenary session of the summit on Wednesday. The session was moderated by the Managing Director of Proshare Nigeria Limited, Mr Olufemi Awoyemi.
The session was preceded by a presentation from the Board Chairman of Multiverse Mining & Exploration Plc, Prof. Abel Olayinka, who spoke on appraising the governance framework of the mining sector to boost Nigeria’s export potential, in a panel moderated by the Vice-President of the Sustainability Professionals Institute of Nigeria.
Additionally, the Chief Executive Officer of the National Institute of Credit Administration, Prof. Chris Onalo, addressed governance expectations in unlocking the potential of a credit-based economy in a session moderated by the Managing Director/CEO of HNC Professional Services, Mrs Hilda Nkor
