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Nigeria Naira Redesign: Informal Groups in a Cashless Economy- The Trust Quotent

Nigeria Naira Redesign: Informal Groups in a Cashless Economy- The Trust Quotent

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 What we know: A lack of trust in the financial system is a recurring and critical barrier to financial Inclusion. Given the Central Bank of Nigeria's 10-day deadline following the inability to get both old and new naira notes, and the persistent long queues at bank branches and ATMs, the informal groups are more likely to be affected in the transition to a cashless economy.

On Episode 8 of Inclusion for all radio, Chinasa Collins-Ogbuo - podcast host and Head of Financial Inclusion for all Initiative, is joined by Titilola Feyijimi - Chief Operating Officer at Ajo Card, an indigenous digital financial platform created to deliver financial services to the underserved population.

Titilola shares her concerns highlighting the impact of the transition to a cashless economy in engendering a lack of trust in the formal financial sector. With recurring failed transactions and relative issues in the banking sector, she discusses the role of the government in addressing these issues to encourage more transactions, particularly from the informal groups who are not adequately educated, aware of the policy and believe "cash is king."

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