The Central Bank of Nigeria (CBN) has intensified its consumer protection drive with the introduction of a Customers’ Bill of Rights, a framework designed to safeguard the interests of bank users and strengthen financial inclusion across the country.
The initiative, which was formally presented during the CBN Fair in Lagos, comes at a time when over 66 million Nigerians are enrolled on the Bank Verification Number (BVN) platform, according to data from the Nigeria Inter-Bank Settlement System.
With this increasing number of banked individuals, the apex bank said it has become more important to educate customers on their rights and responsibilities to foster transparency and trust in the financial sector.
The 12-page document spells out rights such as:
Right to be informed – Banks must disclose truthful and complete details about products, charges, and services.
Right to safety – Customers are entitled to a secure banking environment.
Right to privacy – Banks must protect customer data, except when required by law or with consent.
Right to redress – Customers can escalate complaints to the bank, CBN, or court if not resolved.
Right to equality – All customers must be treated fairly regardless of financial status, gender, or background.
Right to free monthly statements – Banks are obligated to provide customers with account statements without hidden charges.
The Bill also highlights customer responsibilities, including repaying loans promptly, reporting fraud, protecting personal banking instruments, and providing accurate information to their banks.
CBN Governor Olayemi Cardoso described the Bill of Rights as part of ongoing reforms to protect Nigerians and improve banking efficiency.
“At the Central Bank, our goal is to maintain stability while protecting consumers.
The Customers’ Bill of Rights is not just a guideline—it is a shield that ensures banking services are delivered with fairness, transparency, and accountability,” Cardoso said.
He stressed that the apex bank would maintain a zero-tolerance policy for compliance breaches and continue to intensify market surveillance to safeguard customers.
The Customers’ Bill of Rights complements other CBN reforms, including:
Exchange rate unification to minimize arbitrage.
Clearing of $7bn FX backlog to restore investor confidence.
Introduction of Nigeria’s Foreign Exchange Code for better governance in the forex market.
Ongoing recapitalisation of Nigerian banks to strengthen the industry for a projected $1tn economy.
Unified Complaints Tracking System (UCTS) to streamline and resolve consumer complaints more effectively.
CBN Acting Director of Corporate Communications, Hakama Sidi Ali, said the reforms have boosted foreign inflows, trade balances, and improved Nigeria’s financial inclusion rate.
CBN officials also highlighted the role of digital banking, mobile money, and alternative payment channels in boosting economic growth.
Lagos Branch Controller, Sunday Daibo, noted:
“Financial inclusion is not just about opening bank accounts; it’s about empowering Nigerians to transact securely and efficiently.
From mobile wallets to agency banking, these tools are breaking barriers for millions of unbanked citizens.”
Daibo explained that innovations like contactless payments, USSD banking, open banking frameworks, and the eNaira are transforming access to finance, especially in rural areas.
Analysts say the Bill of Rights is a step toward reducing exploitation in Nigeria’s financial sector, where hidden charges, poor complaint management, and weak consumer protection have often plagued bank-customer relations.
If properly enforced, the policy could increase customer confidence, drive up adoption of formal banking services, and strengthen Nigeria’s competitiveness in the African Continental Free Trade Area (AfCFTA).