The CBEX scam in Nigeria has drawn attention to a major flaw in the country’s financial inclusion drive: the critical gap between access to financial services and understanding of financial systems.
Between 2020 and 2023, Nigeria’s financial inclusion rate grew from 68% to 74%, according to the Central Bank of Nigeria. On the surface, this is a positive development. However, digging deeper reveals a worrying problem — only 33% of Nigerians are financially literate. This means that while more people have access to banking services, mobile money, and investment platforms, the majority still lack the basic knowledge to safely navigate the financial world.
CBEX preyed on this weakness. Victims were not financially excluded — many had bank accounts, mobile wallets, and access to financial apps. Yet they were unable to properly assess risks, ask the right questions, or recognize red flags. This shows that simply giving people financial access without adequate education leaves them even more vulnerable to sophisticated scams.
The damage from CBEX and similar schemes runs deeper than personal financial losses. Each fraud story erodes public trust in legitimate financial institutions, startups, and innovations. When people are repeatedly burned, they become hesitant to engage with even credible financial opportunities, slowing overall economic growth and innovation.
True financial inclusion must go beyond numbers on a report. Access without education is a false victory. Nigeria must urgently invest in nationwide financial literacy initiatives, starting from primary schools to adult learning centers. Community-based programs that teach risk evaluation, basic investing principles, and fraud awareness are critical.
Moreover, digital platforms offering financial services must prioritize user education. Simplified language, visual guides, interactive courses, and in-app risk warnings tailored to everyday Nigerians — not just the tech-savvy — are essential. Building tools that educate as they serve will protect users and strengthen long-term trust in the financial system.
The CBEX episode is a stark reminder: financial inclusion must be meaningful, not just statistical. It’s time to bridge the gap between access and understanding to truly empower Nigerians financially.
