Consumer Protection Framework for Banks and OFIs Regulated by the CBN

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Thursday, November 10, 2016 11:22 AM / CBN

The Central Bank of Nigeria (CBN) in furtherance of its mandate to promote stable financial system embarked on the development of a Consumer Protection Framework (CPF) to among other things engender public confidence in the financial system.

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.

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.

Following due consultations and engagements with the industry, other regulators and stakeholders including consumer advocacy groups, civil society and the general public, the CBN is pleased to issue the Consumer Protection Framework.

Download Consumer Protection Framework Here

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