On Thursday, 8th of January 2024, the Central Bank of Nigeria (CBN) issued an exposure draft on Revised Consumer Protection Regulations.
CBN explained that the revision of the Consumer protection Regulation was as a result of transformation in Financial sector which exposes customer to new challenges and risk.
“Safeguarding the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations. CBN stated.
“Pursuant to the object of CBN in Section 2 (d) of the Central Bank of Nigeria Act, 2007 and in exercise of the powers conferred by Section 30 of the Banks and Other Financial Institutions Act (BOFIA), 2020, the CBN hereby issues the revised Consumer Protection Regulations to give effect to the Principles contained in the Consumer Protection Framework for institutions licensed and/or regulated by the CBN, and reflect current realities of consumer protection practices, improve good consumer outcomes and access to financial services.”
Furthermore, the CBN said: “The objective is to promote a safe, trustworthy and consumer-friendly financial services environment by: Promoting transparency and disclosure through the provision of accurate and clear information to consumers in a timely manner; Protecting consumers from unethical and predatory practices that undermine confidence in the use of financial products and services; Ensuring that consumers have control over their personal information and are informed before they are used for other purposes; and Ensuring access to complaint redress mechanisms that are free, fair, timely, transparent, accessible, and independent; promoting financial literacy and inclusion.”