CBN releases updated rules for consumer protection.
Yesterday, an exposure draft of the revised consumer protection regulations was released by the Central Bank of Nigeria or CBN.
The legislation was established, according to the apex bank, because of the substantial changes in the financial sector that expose customers to new risks and obstacles.
“Protecting the interests and guaranteeing enhanced protection of consumers in the dynamic financial services environment mandated the review of the 2019 Consumer Protection Regulations,” the CBN declared. The CBN therefore issues the amended Consumer Protection Regulations following its mission as stated in Section 2(d) of the Central Bank of Nigeria Act, 2007, and in the exercise of the authority granted by Section 30 of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The CBN hereby publishes the amended Consumer Protection Regulations, which will enhance access to financial services, improve good consumer outcomes, and give effect to the principles found in the Consumer Protection Framework for institutions under its licensing or regulation.
In addition, the CBN stated: “The goal is to create a safe, dependable, and consumer-friendly financial services environment by Ensuring that consumers have control over their personal information and are informed before it is used for other purposes; Protecting consumers from unethical and predatory practices that undermine confidence in the use of financial products and services; and Encouraging transparency and disclosure through the timely provision of accurate and clear information to consumers and Ensuring free, equitable, prompt, transparent, impartial, and accessible complaint resolution processes; encouraging financial inclusion and literacy
