The Central Bank of Nigeria (CBN) has unveiled the Bank Customers’ Bill of Rights, a policy framework designed to protect consumers, improve service delivery, and strengthen trust in the financial system.
The initiative was formally presented at the “CBN Fair” held in Lagos with the theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.” It outlines both the rights of customers and the obligations they owe to banks, fostering a mutually beneficial relationship that prioritizes consumer protection and financial stability.
According to the CBN, the rights of bank customers include the right to information, right to choose, right to safety, right to privacy and confidentiality, right to equality, right to redress, right to good service, and the right to free monthly account statements.
On the other hand, customers are expected to fulfill certain obligations such as honoring financial commitments, safeguarding financial instruments and personal data, providing accurate information to banks, reporting suspected fraud, and ensuring personal safety in financial transactions.
CBN Governor, Olayemi Cardoso, emphasized that the apex bank remains committed to fostering transparency and discipline in the financial system.
“At the Central Bank, we have intensified surveillance of market activities to ensure compliance. Together, we must build a market based on strong governance and transparency. As regulators, we will maintain a zero-tolerance approach to compliance violations,” he said.
Acting Director of Corporate Communications at the CBN,
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