CBN Releases Consumer Protection Framework For The Financial Services Sector

consumer protection

The Central Bank of Nigeria, CBN has finally taken a bold step to release the first consumer protection framework for the Nigerian banking and financial services sector.

In statement issued alongside the official statement, the CBN said the framework was developed “in furtherance of its mandate to promote a stable financial system embarked on the development of a Consumer Protection Framework (CPF) to amongst other things engender public confidence in the financial system”.

According to the CBN, “The CPF will guarantee high standards for efficient customer service delivery, market discipline and ensure that consumers are treated fairly by financial institutions regulated by the CBN. It shall form the bedrock for the establishment of a virile consumer protection regime in the industry, thereby enhancing financial inclusion and ultimately a stable financial system”.

Basically “The CPF defines the direction of the CBN on consumer protection and would lead to the development of various regulatory/supervisory instruments that would aid the achievement of the overall objective”.

The CBN noted that the consumer protection framework was developed with “due consultations and engagement with the industry, other regulators and stakeholders including consumer advocacy groups, civil society and the general public”.

See as attached the official framework:

[pdf-embedder url=”https://pageone.ng/wp-content/uploads/2016/11/Consumer-Protection-Framework-Final.pdf” title=”consumer-protection-framework-final”]