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CBN Rolls Out New Guidelines To Protect Depositors

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FOREX, PRODUCTS
The Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele

The Central Bank of Nigeria (CBN) has rolled out new guidelines to protect bank customers. The guidelines set out the minimum standards expected from financial institutions on disclosure and transparency as part of its consumer protection framework.

According to the apex bank, the objective of the guidelines was to protect consumers against the provision of inadequate, misleading information, or failure and lack of transparency on the side of financial institutions, in their dealings with consumers.

Part of the guidelines said contracts, offer letters, statements of account, notices and other documents provided or made available to consumers must be written in clear, legible and simple English language and in a minimum font size of 10.

The guidelines also provided minimum disclosure and transparency requirements for financial institutions under the regulatory purview of the CBN.

The Apex Bank further stated that failure to comply with the provisions of the guidelines would attract regulatory sanctions provided for by the CBN Act, as well as other laws and regulations.

This, it said, was to ensure banks provide consumers with all material and relevant information regarding their business relationship in a clear and transparent manner.

The CBN also emphasised that all financial institutions operating in Nigeria must comply with the rates, charges, fees or prices published or disclosed at the engagement points.

It added that the institutions must agree with consumers on the communication channels to be used for all correspondences, and to specify the channels in all contract documents.

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2 Comments

  1. Yep saw that, just hope the banks don’t capitalise on that to overcharge the clients for those communications

  2. According to a news report of Thursday,
    08 August, The Central Bank of Nigeria (CBN) has rolled out new guidelines to protect bank customers, setting out the minimum standards expected from financial institutions on disclosure and transparency as part of its consumer protection framework. It added that the institutions must agree with consumers on the communication channels to be used for all correspondences, and to specify the channels in all contract documents.

    Only yesterday, I found that my account with my bank has been frozen for a “Security violation.” The bank explained as follows:
    “… the reason for the freeze on your account is because of sms alert which is not activated.”

    Is this not a contradiction in terms? The reason sms alert was not activated is that I agreed with the bank that email alert would suffice as a communication channel: both of them come into the same phone, sms for a fee, email for free. CBN should check this for Policy consistency.

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