The Central Bank of Nigeria (CBN) has reiterated its commitment to safeguarding consumers and enhancing financial literacy across the country. Through initiatives focused on education, complaints resolution, and the protection of customer privacy, the apex bank continues to strengthen Nigeria’s banking system.

The CBN’s Customers’ Bill of Rights underscores the central role of bank customers in business success, outlining their rights to information, choice, safety, privacy, redress, equality, and quality service. It also highlights customer obligations, including honoring financial commitments, safeguarding account information, and reporting suspected fraud.

CBN Governor Olayemi Cardoso emphasized that while the bank ensures price stability and a conducive policy environment, banks play a critical role in upholding governance, transparency, and customer service.

To empower consumers, the CBN launched the Consumer Education Series, teaching practical lessons on financial literacy, including differentiating between needs and wants, responsible use of Bank Verification Numbers (BVN), and understanding banking products. The series also educates customers on the BVN Watchlist, designed to flag fraudulent activity or misconduct.

The apex bank has introduced innovative platforms such as the Unified Complaints Tracking System (UCTS) and a USSD code (*959#) to verify licensed institutions, improving transparency and the management of consumer complaints.

Speaking at a recent CBN Fair, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, highlighted the bank’s role in ensuring customers are informed and empowered to make responsible financial decisions while contributing to national economic growth.

The CBN stressed that banks are obligated to provide secure banking environments, protect customer data from unauthorized access, and implement accessible redress mechanisms. Customers, in turn, must engage responsibly, stay informed, and fulfill their duties to the bank.

Branch Controller, Sunday Daibo, noted the growing importance of digital payment networks in expanding financial access, particularly for underserved populations. He highlighted the collaborative effort of policymakers, financial institutions, and FinTech innovators to ensure inclusive participation in Nigeria’s economy.