Consumer Protection in Digital Financial Services

The 2024 survey, a follow-up to the 2020 Nigeria Consumer Protection Survey, took a deep dive into how Nigerians are using DFS, the challenges they face, and how they seek redress. The goal was to understand their experiences, identify challenges, and assess opportunities for improvement in consumer protection.

The findings reveal a mixed picture: one of rapid growth, but also significant consumer protection challenges. Nearly one in four users reported experiencing unexpected fees or charges in the past year or being targeted by fraudsters. Among those experiencing issues, only half sought formal redress. Indebtedness concerns are also evident, with almost two out of every five digital credit users reporting they've been unable to repay a loan at some point.