CBN issues fresh directives for all Nigerian banks to withdraw this immediately

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Nigerian banks, payment service banks, and other financial organizations have been instructed by the Central Bank of Nigeria (CBN) to promptly remove any advertisements that contravene consumer protection regulations.

Following an examination of marketing strategies in the financial industry, Olubunmi Ayodele-Oni, director of the CBN’s compliance department, signed the directive, which was published in a circular dated Thursday.

According to the top bank, the evaluation found discrepancies in the way organizations implement fair marketing, transparency, and disclosure regulations.

any non-compliant advertisements were ordered to be removed by the CBN, which also issued a warning that any future promotional materials must be truthful, impartial, and open.

It outlawed comparable language that would de-market rivals as well as deceptive promises, inflated benefits, inadequate information, and unaudited financial figures.

Additionally, chance-based promotional inducements like lotteries, prize draws, and lucky dips were outlawed by Nigeria’s financial sector regulator.

Campaign deadlines, creative materials, target audience information, written confirmation of internal legal and compliance clearance, and evidence that the underlying product has CBN approval are now required for institutions submitting advertisements for prior notice.

The bank made it clear that these alerts are merely for observation and do not constitute approval.
A compliance attestation, signed by the chief executive and compliance leads, must be submitted by all impacted institutions within 30 days.

The CBN also stated that it will carry out a follow-up review and impose penalties for infractions under the Consumer Protection Regulations and BOFIA 2020 starting in January 2026.

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