CBN urges banks to prioritise value, transparency for Nigerian consumers

The Central Bank of Nigeria (CBN) has called on banks to deliver better value and ensure greater transparency in their services to Nigerian consumers as part of efforts to boost financial inclusion and economic competitiveness.

Speaking at a strategic town hall meeting themed “Enhancing the Competitiveness of Nigerian Products” held at the Lagos Continental Hotel, the CBN emphasised the need for financial institutions to adopt customer-centric approaches, improve service quality, and support the growth of local industries.

Organized by the Consumer Protection and Financial Inclusion Department (CPF) of the CBN in collaboration with the Bankers’ Committee, the event brought together top financial stakeholders and policy makers to address systemic challenges facing Nigerian producers, especially small and medium-sized enterprises (SMEs).

Delivering the welcome address, CPF Director Mrs. Aisha Isa-Olatinwo—represented by Deputy Director Mr. Amuwa Nelson—highlighted the critical role of banks in driving inclusive economic growth. “Banks are not just financiers; they are development partners that can influence product excellence and market competitiveness,” Nelson said.

He urged banks to offer more transparent and accessible services, and to deepen support for indigenous brands through affordable financing, advisory services, and digital tools. “Nigerian consumers deserve better value, choices, and accountability,” he added.

Also speaking at the event, Chairman of the Lagos State Internal Revenue Service (LIRS), Mr. Ayodele Subair—represented by Special Adviser Mr. Tokunbo Akande—stressed the need for banks to act as active partners in the value chain. “We must empower entrepreneurs and restore faith in the ‘Made-in-Nigeria’ identity,” he said.

The town hall served as a platform to discuss strategies for improving the quality, visibility, and competitiveness of Nigerian-made goods both locally and internationally. Panel discussions addressed key issues, including consumer complaints, the importance of redress mechanisms, and the role of financial institutions in promoting quality standards.

The CPF noted that while financial complaints from SMEs have declined due to ongoing reforms, continued education is necessary to inform business owners of their rights and responsibilities.

At the end of the meeting, a joint communiqué was issued affirming the commitment of the CBN and the Bankers’ Committee to: Expand access to affordable credit for local producers; Promote fair and transparent banking practices to build consumer trust; Foster innovation and digital tools to support business growth and Enhance awareness of quality assurance, safety standards, and regulatory compliance.

The initiative marks a renewed push by the CBN to promote a resilient, inclusive economy anchored on trust, transparency, and locally driven development.

Chima Nwokoji