In a bid to enhance consumer protection and improve the overall banking experience in Nigeria, the Central Bank of Nigeria (CBN) has reaffirmed its commitment to promoting transparency and accountability in the banking sector. The apex bank stressed the importance of the Customers. Bill of Rights, a comprehensive document outlining the entitlements and protections available to banking customers across the country.
The CBN’s renewed focus on these rights aims to ensure equitable treatment for all customers while fostering a more inclusive and customer-centric financial environment.
The CBN underscores that customers are entitled to full disclosure of all information regarding the products and services offered by their banks. This includes clear explanations of contractual terms, charges, and conditions to enable customers to make informed decisions. Banks are required to provide relevant, truthful, and comprehensible information at all times.
Also, customers retain the freedom to select from the range of products and services offered by their banks without coercion. Banks are prohibited from imposing unsuitable products on customers. Additionally, customers dissatisfied with a bank’s service delivery have the right to terminate the relationship after settling outstanding obligations.
The safety of customers within banking premises is a priority. Banks are obligated to provide a secure environment and adhere to health and safety standards. Customers must also be protected from pollution or hazards arising from bank operations.
Customers’ financial details must be safeguarded by banks against unauthorised access or disclosure. Banks are strictly prohibited from sharing account information with third parties unless legally mandated.
Banks are required to provide accessible and efficient grievance redress mechanisms. Customers can lodge complaints and receive timely updates on the resolution process. Dissatisfied customers can escalate their complaints to the CBN or seek legal recourse if necessary.
Customers deserve respect, dignity, and value-for-money services. Banks must prioritise customer satisfaction by promptly addressing complaints and responding to their needs effectively.
All customers, regardless of financial standing, age, gender, ethnicity, or physical ability, must be treated equally. While banks may offer differentiated products, discrimination against customers in similar circumstances is not permitted.
The CBN also reminded customers of their responsibilities, emphasizing the importance of knowledge, understanding, and financial obligations. Customers are encouraged to educate themselves about banking processes to make informed decisions. Moreover, they are expected to honor their financial commitments, including timely repayment of loans and credit facilities.
The CBN’s emphasis on the Customers? Bill of Rights reflects its broader objective to create a balanced banking system that benefits both financial institutions and their customers. By reinforcing these rights and responsibilities, the regulator seeks to build trust and confidence in the financial sector, which is pivotal for economic growth and financial inclusion.
Speaking on the initiative, a CBN spokesperson stated, ?The goal is to foster a banking culture where transparency, fairness, and respect for the customer are non-negotiable. These rights serve as a benchmark for accountability and service delivery in the banking sector.?
The CBN urged Nigerians to familiarise themselves with their rights and actively hold their banks accountable to ensure a more efficient and equitable banking experience. Customers are encouraged to report any violations of their rights to the apex bank for prompt intervention.
Through its proactive measures, the CBN continues to champion the cause of financial empowerment and equitable service delivery, setting a new standard for banking practices in Nigeria.
READ ALSO: CBN woos diasporian investment with launch of two new products
