by Mobolaji Ogungbenro
Imagine building a magnificent house—a sanctuary of hope, stability, and growth. The foundation is solid, the walls are strong, and the roof offers perfect protection. Now, envision termites silently eating away at the wood beneath the surface. From the outside, everything seems fine, but one day, the house collapses without warning.
This is what misinformation and disinformation do to trust in financial institutions. Trust is the foundation of any financial system, and when it is eroded—silently, gradually—it leaves everyone vulnerable, from the market trader in Kano to the corporate executive in Lagos, from the young student at university to the policymakers at Aso Rock.
The Far-Reaching Impact of Falsehoods
Trust in financial institutions is not just about numbers in accounts; it is about belief—belief that money is safe, transactions are secure, and promises will be kept. When misinformation and disinformation creep into this space, they do not discriminate:
The Market Trader: A false rumour about the collapse of a major bank spreads through the market. Traders, many of whom rely on mobile wallets and microfinance, withdraw their savings in panic, leaving them stranded and cash-dependent in a digital economy.
The Student: Fake news about changes to scholarship disbursements leads to confusion and despair among students, derailing dreams and academic progress.
The Corporate Executive: Disinformation about a business partner’s financial health prompts unnecessary decisions — ending contracts, pausing investments—causing ripple effects across supply chains.
The Policymaker: Fabricated reports about national debt or currency stability lead to public unrest, making it harder to implement policies that could improve lives.
A Fractured Ecosystem
In Nigeria, where financial inclusion is still evolving, trust is already fragile. The spread of misinformation—whether intentional or not—acts like a wrecking ball in a system still under construction. It widens the gap between the financially excluded and the formal economy, discourages innovation, and threatens national progress.
Rebuilding with Collective Responsibility
The termites of misinformation cannot be fought by financial institutions alone. It requires all of us to inspect the foundation regularly, questioning what we hear, sharing verified truths, and holding ourselves accountable for the information we spread.
From the street hawker to the Chairman of Nigeria’s largest conglomerate, from the student to the Presidency, the call is the same: Be vigilant, be informed, and protect the trust that keeps our financial house standing.
How do you see misinformation impacting trust in your day-to-day life? Share your thoughts and let’s continue this crucial conversation.
Mobolaji Ogungbenro is a Business Operations Risk Manager in a financial institution
