Customers across Nigerian Banking Institutions have been called to embrace and adopt digital literacy skills needed to ensure a stable, secure and inclusive banking system and environment.
The call by stakeholders in the industry came during a Town Hall meeting in Lagos organized by the Nigeria Deposit Insurance Corporation (NDIC) under the theme: “Strengthening Depositors Confidence/NDICs Role In Financial Systems Stability And Consumer Protection.’
The General Manager, Guaranty Trust Bank, Mrs Lanre Kasim said that while the regulators and financial institutions have the task of ensuring financial literacy and safeguarding customers assets, the customers also have a role to play in order to achieve maximum consumer protection.
Kasim listed some of these responsibilities as; learning basic digital skills for using mobile and online banking safely, reporting suspicious or unauthorized transactions, providing accurate and honest information as well as promptly meeting financial obligations.
“Customers are also required to understand products, fees and obligations before transacting, protecting financial instruments and personal information, complying with safety laws and banking regulations as well as staying informed about fraud trends.”
According to her, customers have been found to make some very common mistakes that overtime have been attributed to exposing them to becoming victims of fraud and other financial crimes.
“Amongst various errors, the use of the same password and PIN for all bank related transactions as well as other online activities can make a customer vulnerable to scam when that one code is compromised”, She stated.
She said “Sharing of access codes and confidential details, eg PINS, passwords, BVN, NIN, with third parties; ignoring terms and conditions of banking products; Ignoring alerts, notifications, or unsolicited OTPs; failing to report loss/stolen cards promptly and engaging unverified agents either virtual or physical,” are all common mistakes that a lot of customers make that downplays the success of consumer protection.
Kasim further outlined solutions such as institutionalising financial literacy as a national priority; emphasizing the role and accountability of all stakeholders, I.e bank customers, financial institutions, telecommunications, regulators, etc; and segmenting financial education by age, income, and digital capabilities.
At the meeting, the NDIC reaffirmed its resolve and commitment in keeping to its mandate of protecting the interest of small depositors, promoting public confidence and contributing to financial system stability while also reinforcing public trust in the financial system.
The Corporation’s Director, Asset Management, Mrs Patricia Okoson noted that the Lagos Stakeholders Town Hall meeting was part of a broader engagement initiative being held across selected locations in the country.
She explained that having a vibrant commercial environment thrives on trust and confidence in the financial system.
“When traders, business owners and artisans are assured that their hard earned monies and assets are protected, it strengthens economic activity and encourages greater participation in the formal financial system.”
Okoson emphasized that the target of such stakeholders Town Hall meetings was to bring information directly to the grassroots to clear every misconceptions and bring clarifications to issues affecting depositors.