There is a widening trust gap between Nigerians and fintech companies like Opay. Despite the convenience offered by these platforms, many users are hesitant to entrust large sums of money due to past experiences with glitches, delayed transactions, and poor customer service.

*Key Concerns:*

- *Security and Reliability*: Users are skeptical about the ability of fintech companies to safeguard their money, especially for high-value transactions.

- *Customer Service*: Fintech companies are often criticized for poor customer support, which erodes trust.

- *System Outages*: Frequent system failures and downtime contribute to the perception that fintech platforms are unreliable.

*Industry Response:*

- *Investing in Infrastructure*: Opay claims to be investing heavily in improving its infrastructure, including fraud detection and customer service.

- *Regulatory Compliance*: Fintech firms are working to strengthen their regulatory compliance and customer redress systems.

*Expert Insights:*

- *Building Trust*: Fintech analyst Fola Adebayo emphasizes the need for fintech firms to prioritize building user trust through consistent, incident-free service.

- *Consumer Confidence*: Banking consultant Adetola Johnson notes that consumer confidence can only be earned through strong security and responsiveness.

It seems the battle for trust is far from over for fintech companies in Nigeria. What do you think they can do to win back users' confidence?

Source: Blueprint