The Central Bank of Nigeria has issued Consumer Protection Framework (Framework) for the financial services industry.
The Framework is aimed at enhancing consumer confidence in the industry and promoting financial stability, growth and innovation.
The CBN requires regulated institutions to develop policies, to be approved by their respective Boards, to ensure compliance with the Framework requirements.
Each regulated institution must submit the approved policy and its comprehensive plan for consumer protection, education and enlightenment to the regulator. The deadline to submit the documents is March 31, 2020.
Photo Credit: Pixabay