The Consumer Awareness and Financial Enlightenment Initiative (CAFEi) has predicted a global loss to cybersecurity will hit $6 trillion by 2030 form current $3 trillion at present.
The disclosure was contained in a communique issued at the end of a CAFEi webinar on financial inclusion attended by President, Africa Fintech Networks and Advisory Council Member, CAFEi, Segun Aina; Academic Director, Lagos Business School, Yinka David-West, Director, Consumer Protection Department, Central Bank of Nigeria, Haruna Mustapha and Managing Director/CEO, Management Transformation Limited and Advisory Council Member, CAFEi, Wura Abiola.
President of CAFEi, Mrs. ‘Debola Osibogun, described the group as a non-profit organisation that focuses on public enlightenment, advocacy and research. “The principal objective of the group is to aid consumers in making informed decisions on goods and services in all facets of life, including the banking and finance sector. In the light of the new normal, the organisation is also set to protect consumer rights post-COVID-19,” she said.
The participants called on the Central Bank of Nigeria to renew its efforts in the enforcement of the regulations and policies designed to protect users of banks’ services. They said every e-payment user has responsibility in self-regulation and self-learning. Customers need to be conscious and protect themselves from fraudulent activities, as fraudsters are more digital savvy and some victims are tracked through their activities on social media platforms
According to them, the structure of Nigeria economy is dominated by informal sector with contribution above 60 per cent to Gross Domestic Product, while most transactions in this segment are cash-based. It is critical to create awareness about digital financial services in this sector.
“It is imperative to segment customers, products and staff of financial institutions in order to be able to customize services in line with customer needs. There is need for collaboration across all stakeholders in building inclusive financial ecosystem that supports all Nigerians. It is important to address the issue of trust to build confidence in the use of digital financial services. This requires the enforcement of CBN regulations. In order to mobilize savings via digital platforms, financial institutions should design products and services that appeal to this segment of customers,” they said.
