CBN Circulars & Publications | |
CBN Circulars & Publications | |
2484 VIEWS | |
![]() |
Monday, August 5, 2019, 04:50PM /CBN
Introduction
Pursuant to the powers conferred on the Central
Bank of Nigeria (CBN) by Sections 2 (d) and 33 (1) (b) of the CBN Act, 2007 (as
amended) and Section 57 (2) of the Banks and Other Financial Institutions Act
[BOFIA] of 2007, as amended, the CBN hereby issues this Guidelines on
Disclosure and Transparency, herein referred to as “the Guidelines” to give
effect to the Disclosure and Transparency Principle contained in the Consumer
Protection Framework (CPF) for institutions regulated by the CBN.
The Guidelines provide minimum Disclosure and
Transparency requirements for Financial Institutions under the regulatory
purview of the CBN to ensure they provide consumers with all material and
relevant information regarding their business relationship in a clear and transparent
manner.
Objective
The objective of the Guidelines is to protect
consumers against the provision of inadequate, misleading or failure to
disclose material and relevant information and generally guard against lack of
transparency by Financial Institutions in their dealings with consumers. The
Guidelines therefore sets out the minimum standards expected from Financial
Institutions on consumer protection disclosure and transparency.
Scope
The Guidelines shall apply to all transactions
by financial institutions licensed and regulated by the Central Bank of Nigeria
and their agents, subsidiaries and associates. These include Commercial
Banks, Merchant Banks, Specialized Banks, Micro-finance Banks (MFBs),
Development Finance Institutions (DFIs), Finance Companies (FCs),
Bureaux-de-Change (BDCs), Primary Mortgage Banks (PMBs), Credit Bureaux, Mobile
Money Operators, Payment Service Banks, Switching Companies, Payment Solution
Service Providers, Payment Terminal Service Providers, Non-bank Acquirer, Super
Agents and Mobile Money Operators.
Financial Institutions shall ensure that the
provisions of the Guidelines form part of any consumer related transaction,
product or service agreement they may enter into with any other institutions
which are otherwise not regulated by CBN.
Related
News
1.
CBN
Releases Consumer Protection Guidelines On Responsible Business Conduct
2.
Manufacturing
PMI Stands at 57.8% in May 2019 from 57.7% in April 2019
3.
CBN Requests For
Information On The Proposed Payments System Vision 2030 Initiative
4.
CBN Releases Annual Activity Report 2018
5. CBN Announces Creative Industry Financing Initiative
6.
Manufacturing PMI Stands at 57.7% in April 2019 From 57.4%
in March 2019
7.
Monetary, Credit, Foreign Trade and Exchange Policy
Guidelines For Fiscal Years 2018-2019
8. CBN Grants Operators up till April 1, 2019 to Implement
The Revised NCS and NICPAS
9. CBN Releases Initial Guidance Notes on the Implementation
of IFRS 9 in the OFIs sector in Nigeria
10. CBN Releases Revised 2018 Exposure Draft For The
“Regulation On End-To-End Electronic Payment”
11. CBN Publishes Banknote Fitness Guidelines
12. CBN Deploys Consumer
Complaints Management System Effective Jan 02, 2019