Friday 18 September 2015, 11.50 AM/CBN
The Central Bank of Nigeria (CBN) in furtherance of its mandate “to promote a sound financial system” as enshrined in Section 2(d) of the CBN Act, 2007, embarked on the development of a Consumer Protection Framework (CPF).
The purpose of the CPF is to amongst other things engender public confidence in the financial system with a view to enhancing financial inclusion.
The CPF would guarantee standards for customer service, market discipline and ensure that consumers are treated fairly by financial institutions regulated by the CBN.
It was developed in line with international standards and best practice as well as principles established by Standards Setting Bodies.
These include the World Bank Good Practices for Financial Consumer Protection, G-20 High Level Principles on Financial Consumer Protection and Financial Services Consumer Panel’s 4 Pillars of Consumer Protection amongst others.
In order to ensure that the CPF meets the yearnings and aspirations of our stakeholders especially the consumers, we are pleased to present the draft Consumer Protection Framework for comments, observations and contributions to enable us come up with a final document that would meet international standards as well as the peculiarities of our environment.
Inputs should reach the following address within three (3) weeks from the date of this publication:
Consumer Protection Department
Central Bank of Nigeria
Abuja – FCT