In a bid to promote a sound financial system, the Central Bank of Nigeria, CBN, has commenced a process of developing an effective consumer protection framework. This, it hopes, would guarantee standards for consumer service, market discipline and ensure fair treatment of consumers by financial institutions in the country.

The CBN stated in a circular addressed to all financial consumer protection stakeholders, that the scope of the framework would be in accordance with global best practices and the G-20 High Level Principles on financial protection.

Principles included in the proposed consumer protection framework are, the legal, regulatory and supervisory framework for financial consumer protection; Roles of regulation and relevant bodies in ensuring protection for consumers; Equitable and fair treatment of consumers; full disclosure and transparency in product structuring and deployment; Financial education and awareness by operators and regulators; Entrenching responsible conduct amongst operators and their agents; Protection of consumer assets against fraud and misuse; Protection of consumer data and privacy and Development and implementation of competition rules.

The CBN noted that stakeholders’ engagement is a critical aspect in the development of the framework and urged members of the public to carry out their duties in related areas, so that the CBN can develop a comprehensive framework for the country.