CBN Strengthens Consumer Rights to Safeguard Nigeria’s Financial System

CBN Strengthens Consumer Rights to Safeguard Nigeria’s Financial System

The Central Bank of Nigeria (CBN) has intensified efforts to strengthen consumer protection in the country’s financial services sector, rolling out new safeguards aimed at protecting bank customers, curbing fraud and restoring public confidence in digital and traditional banking.

The apex bank said the measures are designed to ensure that consumers are treated fairly by banks, fintech firms and other financial institutions, while also improving transparency and accountability across the system. A key focus of the initiative is the enforcement of the Customers’ Bill of Rights, which guarantees the right to information, privacy, fair treatment and timely redress for complaints.

READ ALSO:

• 2027 Elections: APC Insists No Automatic Tickets for Defecting Governors
• Mass Wedding in Abuja as Matawalle’s Nine Children Set to Marry Same Day
• AFCON 2025: Referee Daniel Laryea Breaks Silence on Morocco vs Nigeria Controversy

As part of the reforms, the CBN has reinforced the Unified Complaints Tracking System (UCTS) to make it easier for customers to lodge and monitor complaints against financial institutions. The bank also encouraged Nigerians to use the *CBN-approved USSD code (959#) to verify licensed banks and financial service providers, a move aimed at reducing fraud and patronage of illegal operators.

The renewed consumer protection drive aligns with recent CBN directives ordering banks to refund victims of electronic and authorised push payment fraud within 48 hours, while also clamping down on misleading advertisements that could deceive customers. These steps come amid rising complaints linked to digital banking, mobile payments and online transactions.

Financial analysts say the CBN’s approach underscores the importance of financial literacy and inclusion, noting that better-informed consumers are less vulnerable to exploitation. The measures also support Nigeria’s expanding fintech ecosystem, where rapid innovation has increased the need for stronger customer safeguards.

With Nigeria’s financial landscape becoming more technology-driven, the CBN says sustained consumer education, stricter regulation and collaboration with other oversight agencies will remain central to building a secure, transparent and customer-focused financial system.

CBN Strengthens Consumer Rights to Safeguard Nigeria’s Financial System