CBN Flags Off Consumer Protection Awareness Campaign

Central Bank of Nigeria (CBN) on Monday said it had begun a consumer protection sensitisation campaign in Rivers, to educate members of the public on their rights in financial transactions.

The Consumer Protection Department, created in 2012, regulates the conduct of financial service providers, to engender trust and confidence in the nation’s financial system.

Hajiya Khadijab Kasim, the CBN deputy director of Head Consumer Education, Consumer Protection Department, announced this to newsmen at the beginning of a week-long consumer protection sensitisation programme in Port Harcourt.

Kasim said that CBN had put structures in place, to ensure customers get maximum benefit from financial service providers, and repose confidence on customers in dealing with financial institutions.

She said that the customer protection programme was designed for every Nigerian, irrespective of class and status.

“This exercise is intended to empower Nigerians with requisite knowledge to make informed choices and take effective actions that will enhance their financial well-being.

“It is only when the vast majority of the Nigerian population is financially literate that they can come on board the formal financial system, thereby contributing to financial stability.

“CBN has directed banks to resolve complaints of customers within a two-week time frame; however, there are some cases that are very difficult to resolve within two weeks.

“So, we have encouraged banks to engage those kind of complaints by keeping the complainant informed on the progress of their case, so as to give them a sense of belonging,” she said.

Kasim said the apex bank had developed a Financial Literacy Framework (FLF) to articulate a multi stakeholders approach to the delivery of financial literacy across all financial institutions in Nigeria.

On alleged refusal of some banks to accept mutilated bank notes, Kasim said that CBN had ordered commercial banks to collect them from customers.

She said it was the right of every Nigerian to take mutilated notes to any CBN bank branch anywhere in Nigeria and exchange it with a good bank note.

“On the other hand, CBN had also directed the deposit money banks to accept mutilated notes from customers and ensure they do not pay customers with bad notes.

Kasim said the CBN had earmarked six states from the six geo-political zones for the awareness campaign.