Growing adoption of digital financial services is outpacing public confidence in the financial ecosystem, prompting the Bridgforte Centre for Global Impact to introduce a new governance framework and establish the Trust Lab to strengthen trust in platform-led finance.
The initiative was unveiled on Friday during the launch of the Centre's flagship policy report, "Trust Architecture in Platform-Led Finance," at a global virtual dialogue that brought together more than 400 participants, including central bankers, financial regulators, commercial banks, fintech executives, consumer advocates, researchers and development partners.
Speaking at the event, Founder of Bridgforte and former Deputy Governor of the Central Bank of Nigeria (CBN), Mrs. Aishah Ahmad, said the future of financial inclusion will depend not only on expanding access to digital financial services but also on deliberately building trust across the entire financial ecosystem.
According to her, public confidence has become a critical factor in ensuring the long-term sustainability of digital finance as financial services become increasingly interconnected.
"Customers do not experience individual institutions. They experience the financial system as a whole, and in increasingly interconnected financial systems, trust is built or broken in the handoffs between institutions. Trust is not a communications exercise. It is a governance outcome, and it must be deliberately designed," Ahmad said.
Findings contained in the report revealed that confidence in Nigeria's platform-led financial ecosystem remains moderate despite the rapid expansion of digital finance.
According to the report, financial sector leaders who participated in Bridgforte's Executive Table held in Lagos in February rated the resilience of trust within Nigeria's digital financial ecosystem at 5.4 out of 10. Similarly, participants at this week's global launch independently scored trust at 5.7 out of 10, suggesting a broad consensus that the growth of digital financial services has outpaced the development of public confidence.
Delivering the keynote address, Deputy Governor of the South African Reserve Bank, Nomfundo Tshazibana, described trust and confidence as essential pillars of every resilient financial system.
"Trust and confidence are economic infrastructure," she said, adding that sustainable financial systems are built through "credible institutions, sound governance, effective collaboration and continually earned public confidence."
To bridge the confidence gap, Bridgforte introduced a Trust Architecture Framework designed around five core pillars: Infrastructure Integrity, Institutional Accountability, Technology Governance, Ecosystem Coordination, and Cultural Confidence.
The framework aims to provide policymakers, regulators and financial institutions with practical governance principles for strengthening trust in increasingly digital and interconnected financial systems.
As part of the initiative, Ahmad also announced the establishment of the Trust Lab, which she described as a long-term platform dedicated to research, dialogue and performance measurement.
According to her, the Trust Lab will support governments, regulators and industry stakeholders in developing evidence-based policies and governance practices that reinforce confidence in platform-led finance while supporting the continued growth of digital financial services.