The Central Bank of Nigeria (CBN) has launched a Customers’ Bill of Rights to enhance protections for over 66.23 million Bank Verification Number (BVN) users, as reported by the Nigeria Inter-Bank Settlement System in July 2025. Unveiled at the recent CBN Fair in Lagos, the 12-page document, accessible on the CBN’s website, outlines bank customers’ rights and responsibilities to foster trust, financial inclusion, and informed decision-making in Nigeria’s banking sector.
The Bill guarantees rights to information, choice, safety, privacy, redress, quality service, equality, and free monthly statements. It mandates banks to provide clear, truthful disclosures on products, terms, and charges, ensuring customers can make informed choices. The right to safety requires banks to maintain secure environments, while privacy rights protect customer data, except when legally required or consented. Customers can seek redress, escalating unresolved issues to the CBN or courts, with banks obligated to offer transparent, accessible complaint mechanisms. The right to equality ensures fair treatment regardless of financial status, age, gender, or ethnicity, though product-specific privileges may vary.
Customers also bear responsibilities, including acquiring knowledge to make informed decisions, meeting financial obligations, safeguarding banking instruments, providing accurate information, reporting fraud, and ensuring personal safety. The CBN emphasizes that understanding complex banking products is crucial to avoid errors and disputes, urging customers to stay vigilant.
This initiative aligns with Nigeria’s economic progress, including a 67.12% surge in capital importation to $5.64 billion in Q1 2025 and a 39.98% year-to-date gain in the Nigerian Exchange. However, challenges like naira volatility (N1,560/$1 in the parallel market) and 21.88% inflation in July underscore the need for robust consumer protections to sustain financial sector growth.
