CBN Publishes Bank Customers’ Bill of Rights and Obligations to Strengthen Consumer Protection
The Central Bank of Nigeria (CBN) has reaffirmed its dedication to elevating customer protection in the financial sector by publicly reinforcing the Bank Customers’ Bill of Rights and Obligations. This framework is aimed at fostering trust, fairness, and accountability in the banking industry, emphasising that while customers are afforded vital rights, they also hold key responsibilities.
Rights of Bank Customers
Under the Bill of Rights, customers are entitled to:
Transparency and full disclosure: Banks must provide truthful, complete information about products, charges, and service terms before customers commit.
Freedom of choice: Customers can opt in or out of services without coercion and may terminate agreements after fulfilling obligations.
Safe banking environment: Banks are required to ensure health and physical safety standards for customers within their premises.
Privacy and confidentiality: Customer data must be protected unless disclosure is legally mandated or customer-approved.
Accessible grievance redress: Complaints must be handled promptly through an efficient system, with the customer kept informed throughout the process. They may escalate unresolved issues to the CBN or court.
Value-based service and respect: Customers deserve quality service, respect, and dignity from banking staff.
Non-discrimination: All customers are to be treated equally, regardless of financial status, identity, or personal characteristics.
Free monthly account statements: Banks must provide monthly statements at no cost, with only special requests incurring small fees .
Obligations of Bank Customers
To maintain a fair and functional banking relationship, customers are expected to:
Exercise financial knowledge: Understand products, terms, and implications before making decisions.
Honor financial commitments: Timely repayment of loans and clearing balances as agreed is essential.
Safeguard banking instruments: Protect ATMs, PINs, passwords, and cheques from loss or fraud.
Provide accurate information: Always ensure that data used in transactions or account details are honest and complete.
Report suspicious activities: Customers must promptly notify their bank or authorities of errors or fraudulent activities.
Ensure personal safety: While banks must secure their facilities, customers share responsibility for their own safety and assets during bank visits .
The outlined rights and obligations serve as a cornerstone for building consumer trust in Nigeria’s banking system. It aligns with the CBN’s larger framework, including the Service Charter and SERVICOM mandates, reinforcing accountability and quality service across institutions.
Banks that violate these principles, such as by delaying complaint resolutions, may face significant penalties enforced by the CBN, reinforcing the seriousness of compliance.
