Quick Fact: Negative perceptions, informed by bad experiences and fraud, have been a significant deterrent to formal financial leading to a lack of trust in financial institutions and restraints in engaging with formal banking systems. Why is it important: Lack of trust has significant implications for Nigeria’s digital economy, where the success of digital financial services (DFS) hinges on consumer confidence and security. Fraudulent activities, including identity theft, phishing scams, and unauthorized transactions, erode trust and discourage individuals, particularly those in underserved communities, from fully adopting digital payment systems and financial products. In this episode, we discuss with Prof. Chiso Ndukwe Okafor, Executive Director of the Consumer Advocacy and Empowerment Foundation (CADEF), Nigeria, on the root causes of digital fraud, the structural vulnerabilities that expose at-risk populations, and the proactive measures necessary to fortify consumer protection and build trust in Nigeria’s rapidly evolving digital financial landscape.