December 23, 2019/CBN
The Central Bank of Nigeria issued the Consumer Protection Framework (CPF) on November 7, 2016 to enhance consumer confidence in the financial services industry and promote financial stability, growth and innovation.
Further to the above, the CBN hereby issues the Consumer Protection Regulations to improve overall compliance with the CPF by banks, other financial and non-bank financial institutions (regulated institutions). The Regulations prescribe far-reaching requirements on Fair Treatment of Consumers; Disclosure and Transparency; Responsible Business Conduct; and Complaints Handling and Redress, in line with the principles enunciated in the CPF.
Consequently, all regulated institutions are required to immediately develop internal policies to comply with the Regulations and ensure approval by their respective Board of Directors. They shall thereafter forward the approved policies, which shall include comprehensive plans for consumer protection, education and enlightenment, to the Director, Consumer Protection Department, CBN on or before March 31, 2020.
