The Central Bank of Nigeria (CBN) has directed all banks, payment service banks and other regulated financial institutions to immediately withdraw any advertisement or promotional material that fails to comply with consumer-protection and fair-marketing standards.
The directive, issued in a circular signed on behalf of the Director of the CBN Compliance Department by Mrs. Olubunmi Ayodele-Oni, followed a thematic industry review which uncovered widespread inconsistencies in how institutions interpret disclosure, transparency and fair-marketing obligations under the Consumer Protection Regulations 2019 and the Guidelines on Advertisements by Deposit-Taking Financial Institutions (2000).
According to the apex bank, the review revealed that many institutions continue to publish adverts that exaggerate benefits, omit critical information, downplay risks or rely on unaudited financial statements.
The CBN warned that such practices mislead customers, distort competition and undermine the integrity of the financial system.
It stressed that all marketing materials must be factual, balanced and transparent.
Written by Iyeh Enema