Just in: CBN educates public on alternative payment channels and consumer rights

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The Central Bank of Nigeria (CBN) has emphasized the importance of proper use of alternative payment channels, naira notes, and consumer rights at its maiden financial services fair. The event, themed “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development,” aimed to sensitize the public on the CBN’s policies and innovations.

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“We urge you to see the naira as a critical symbol of our national identity. Please respect it and keep it clean. Do not hoard, mutilate, counterfeit, or damage the naira,” Hakama Sidi-Alli, Acting Director, Corporate Communications Department, CBN, advised. The CBN official highlighted the objective of the engagement, stating, “The objective of this engagement is to sensitise the public on how the Bank’s policies and innovations can enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy.

The fair featured presentations on key initiatives, including expanding financial services access and promoting secure digital services. Ayodeji Ojo from the Other Financial Institutions Supervision Department (OFISD) noted, “We are implementing key strategies that expand access to services across Nigeria while promoting the adoption and use of secure digital services.”

Olufemi Fakeye from the Consumer Protection/Financial Inclusion Department outlined seven fundamental consumer rights, including the right to be informed, choice, safety, and redress. He also provided practical fraud prevention tips, advising consumers to:

– Keep PINs secret

– Set account limits

– Avoid sharing details over phone or SMS

– Keep cards and PINs separate

– Maintain SIM locks

– Promptly report suspicious activities

The CBN’s efforts aim to enhance financial inclusion, growth, and economic development in Nigeria

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