The Central Bank of Nigeria, CBN, yesterday  issued an  exposure draft on Revised Consumer Protection Regulations.

The apex bank noted that the regulation was issued due to the significant transformations in the financial sector which exposes consumers to new challenges and risks

CBN stated: “Safeguarding  the interests and ensuring greater protection of consumers in the evolving financial services landscape necessitated the review of the 2019 Consumer Protection Regulations.

“Pursuant to the object of CBN in Section 2 (d) of the Central Bank of Nigeria Act, 2007 and in exercise of the powers conferred by Section 30 of the Banks  and Other Financial Institutions Act (BOFIA), 2020, the CBN hereby issues the revised Consumer Protection Regulations to give effect to the Principles contained in the Consumer Protection Framework for institutions licensed and/or regulated by the CBN, and reflect current realities of consumer protection practices, improve good consumer outcomes and  access to financial services.”

Furthermore, the CBN said: “The objective is to promote a safe, trustworthy and consumer-friendly financial services  environment by: Promoting transparency and disclosure through the provision of accurate and clear information to consumers in a timely manner; Protecting consumers from unethical and predatory practices that undermine  confidence in the use of financial products and services; Ensuring that consumers have control over their personal information and are   informed before they are used for other purposes; and Ensuring access to complaint redress mechanisms that are free, fair, timely,  transparent, accessible, and independent; promoting financial literacy and inclusion.”