Important things to know about CBN’s Consumer Protection Regulations

Many people neither know nor bother to know they truly have a right as a bank customer. To them, “This is Nigeria.” However, there are Consumer Protection Regulations (CPR) by the Central Bank of Nigeria (CBN).

This CPR from the apex bank is primarily to protect you as a bank customer. Are you curious? We’ll surely get there! Let’s quickly go through some vital information you should know about Consumer Protection Regulations (CPR).

As a bank customer, you have the right to the following:

1. CPR protects against all unprofessional conduct by your bank and other financial entities.
2. If you have issues with any transactions, you’re expected to complain to your bank first, and they must also acknowledge your complaints within 24 hours.
3. After your bank has acknowledged your message, a tracking number must be generated for your issue.

The acknowledgement must contain the following:

1. Bank’s feedback contact details.
2. Expected resolution timeline.
3. Escalation options.

Note:

If you’re dissatisfied with your bank’s response, you can contact CBN. To do so, send an email to cpd@cbn.gov.ng narrating your issue and the steps you’ve taken so far.

Mind you, you can’t escalate your issue to CBN unless you’ve exhausted every option, that is, your bank’s internal dispute process or they failed to acknowledge your complaints within three days.

You can always get more information by visiting the CBN website: www.cbn.gov.ng. In case you’re familiar with social media messaging, you can also follow them on X @cenbank, Facebook—cenbankng, and Instagram—@centralbankng.