CBN Strengthens Fair Banking with Customers’ Bill of Rights

The Central Bank of Nigeria (CBN) has launched a comprehensive Customers’ Bill of Rights to protect and empower bank users, especially as over 66 million Nigerians are now enrolled in the Bank Verification Number (BVN) system. This initiative was unveiled during the recent CBN Fair in Lagos, aiming to boost financial inclusion and trust in the banking system.

The Bill outlines several key rights for customers, including the right to receive complete and truthful information about banking products and services, the right to a secure banking environment, and the right to privacy and confidentiality. Customers also have the right to seek redress through efficient complaint mechanisms and to be treated equally regardless of financial status or background. Additionally, banks must provide free monthly account statements to promote transparency.

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Alongside these rights, the Bill emphasizes customer responsibilities. Bank users are expected to understand banking terms, repay loans promptly, protect their banking instruments, provide accurate information, and report any suspected fraud or errors. They also share a duty of personal safety while on bank premises.

To reinforce these protections, the CBN introduced tools like the Unified Complaints Tracking System and a USSD code for verifying licensed institutions. These innovations aim to enhance transparency and consumer protection across Nigeria’s financial sector.

You can read the full article on punch official website