CBN Releases Consumer Protection Framework’s Draft

The Central Bank of Nigeria (CBN) has released the draft of a Consumer Protection Framework (CPF) it developed in furtherance of its mandate “to promote a sound financial system” as enshrined in Section 2(d) of the CBN Act, 2007.

According to the apex bank, the purpose of the CPF is to amongst other things engender public confidence in the financial system with a view to enhancing financial inclusion.

“The CPF would guarantee standards for customer service, market discipline and ensure that consumers are treated fairly by financial institutions regulated by the CBN. It was developed in line with international standards and best practice as well as principles established by Standards Setting Bodies. These include the World Bank Good Practices for Financial Consumer Protection, G-20 High Level Principles on Financial Consumer Protection and Financial Services Consumer Panel’s 4 Pillars of Consumer Protection amongst others,” the bank stated.

The Central Bank said it released the CPF’s draft for comments, observations and contributions to enable the bank come up with a final document that would meet international standards as well as the peculiarities of its environment, adding that the draft was made public to also ensure that it meets the yearnings and aspirations of its stakeholders, especially the consumers.