CBN Introduces Bank Customers’ Bill of Rights to Strengthen Consumer Protection and Financial Inclusion

The Central Bank of Nigeria (CBN) has launched the Bank Customers’ Bill of Rights to protect consumers and promote fair treatment across the financial sector. With over 66.2 million Nigerians already enrolled on the Bank Verification Number (BVN) system, the initiative aims to safeguard banking customers, enhance transparency, and build trust within the industry. The 12-page document, unveiled at the recent ‘CBN Fair’ in Lagos, outlines the rights and responsibilities of bank customers as part of the apex bank’s broader efforts to deepen financial inclusion and consumer confidence.

According to the CBN, bank customers now enjoy key rights such as access to complete and accurate information, privacy and confidentiality, equality, and redress mechanisms for grievances. The document emphasizes that banks must disclose all contractual terms, charges, and risks before any agreement is finalized. It also guarantees customers the right to safety within banking premises and equal treatment regardless of their financial standing, gender, or background. Additionally, customers are entitled to a free monthly statement of account and an efficient complaint resolution system.

However, these rights come with corresponding responsibilities for customers. The CBN highlighted duties such as providing accurate information, safeguarding personal banking details, promptly reporting suspected fraud, and meeting financial obligations like loan repayments. Customers are also encouraged to seek financial literacy to make informed decisions and avoid disputes with their banks.

Speaking at the CBN Fair, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, stressed that the apex bank remains committed to strengthening consumer protection and promoting financial inclusion. She revealed that recent reforms—including the introduction of a Unified Complaints Tracking System, exchange rate unification, and recapitalization of banks—are designed to improve transparency and competitiveness in Nigeria’s banking sector. Ali added that initiatives like the USSD code for verifying licensed institutions further ensure that customers are not short-changed by fraudulent operators.

CBN Governor Olayemi Cardoso reaffirmed the regulator’s stance on maintaining strong governance and transparency within the financial system. He assured that the bank will continue to implement measures that protect consumers, foster alternative payment channels, and accelerate economic growth. “Together, we must build a market based on trust, fairness, and compliance,” Cardoso said, as the CBN pushes forward in its mission to achieve universal financial access and strengthen the resilience of Nigeria’s economy.

Source: punch