Nigerians are showing growing confidence in the country’s financial institutions, with nearly all adults expected to express either high or moderate trust in banks and other financial service providers in 2025, according to Intelpoint’s Access to Finance Report.
The report, which surveyed more than 3,000 adults across Nigeria’s 36 states and the Federal Capital Territory, reveals that 43.9 percent of respondents have high confidence in financial institutions, while 48.7 percent report moderate trust. Only 7.4 percent of Nigerians indicated low trust.
The findings signal a broadly positive shift in the country’s financial landscape, reflecting a renewed public willingness to engage with formal banking channels after years of uncertainty in the sector.
Transparency has emerged as the strongest foundation for trust, with nearly half of Nigerians (46.2 percent) highlighting clear policies and fair fees as the most important factor. This reflects a growing consumer preference for predictability and fairness in daily banking interactions, rather than reliance solely on regulatory enforcement or formal oversight.
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Security is also becoming a critical consideration, with 30.2 percent of respondents pointing to stronger safeguards as essential in a digital-first financial environment. The rise of mobile and online banking platforms, accelerated by the COVID-19 pandemic, has created both opportunities and risks. Fraud, cyber threats, and identity theft have prompted Nigerians to place higher value on institutions that can guarantee the safety of their funds and personal data.
Customer service remains an important driver of confidence, with 17 percent of respondents emphasising the need for more responsive and reliable support. Long queues, delayed responses to complaints, and inconsistent service experiences have historically eroded trust. According to the report, financial institutions that address these pain points with better customer engagement, timely problem resolution, and accessible service channels can significantly enhance public confidence.
In contrast, only 6.6 percent of Nigerians believe stronger regulatory oversight will increase their trust. This suggests that everyday clarity, fairness, and safety are more highly valued than formal supervision. The findings imply that while compliance and regulation remain important, they are no longer sufficient to sustain long-term trust in the sector.
For banks and financial service providers, the survey points to a simple truth: compliance alone is not enough. Building lasting trust will require a multifaceted approach that combines transparency, robust security, and customer-centric service delivery. Financial institutions that fail to meet these expectations risk losing market share to competitors that can better address consumer priorities.
The report also underscores the strategic importance of digital banking solutions in driving trust. Mobile banking apps, online payment platforms, and fintech partnerships have expanded access to financial services across Nigeria, particularly in rural areas and underserved communities. However, the growth of digital channels has also amplified the need for strong cybersecurity measures and responsive customer support.
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Compared with previous years, public trust in Nigeria’s banks has strengthened. Earlier surveys highlighted widespread scepticism about hidden fees, inconsistent service, and operational failures, particularly among rural and first-time banking users. The current report, however, shows that significant improvements in transparency, digital adoption, and service reliability have contributed to a more positive perception among consumers.
The findings also point to broader socio-economic trends. As Nigeria’s middle class expands and digital connectivity increases, consumers are becoming more financially literate and discerning. They are placing greater emphasis on the day-to-day experience of banking rather than relying solely on regulatory guarantees.
The Access to Finance Report highlights a clear roadmap for Nigerian banks seeking to maintain and grow public confidence. Transparency, strong security measures, and customer-focused service are now the true cornerstones of loyalty in a sector that is increasingly digital, competitive, and customer-driven.
As the country continues to expand access to financial services, institutions that prioritise these pillars are likely to see sustained growth, stronger engagement, and higher public trust. Conversely, those that rely solely on regulatory compliance may find it increasingly difficult to retain consumers who demand clarity, fairness, and security in every transaction.