The apex bank noted that the regulation was issued due to
the significant transformations in the financial sector which exposes consumers
to new challenges and risks.
CBN stated: “Safeguarding
the interests and ensuring greater protection of consumers in the
evolving financial services landscape necessitated the review of the 2019
Consumer Protection Regulations.
“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.”
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