On August 1, 2019, the Central Bank of Nigeria (CBN) published a set of guidelines in regard to transparency and disclosure and responsible business conduct, with the aim of enhancing the consumer protection framework.
These guidelines are addressed to all financial institutions licensed and regulated by the CBN, including banks, switching companies, payment solution service providers, non-bank acquirers and mobile money operators, as well as other licensed providers of digital financial services.
The disclosure and transparency guidelines set out minimum standards that financial institutions must comply with in their dealing with consumers, to avoid providing inadequate or misleading relevant information.
Some of the key minimum standards seek to ensure that:
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