Modupe Gbadeyanka
By Modupe Gbadeyanka
In a bid to make banks and other financial institutions operating in the country provide high quality services to their customers, the Central Bank of Nigeria (CBN) has released what it called the Consumer Protection Framework (CPF).
A statement issued by the CBN’s Director of Consumer Protection Department, Mr U. A. Dutse, explained that the “CPF will guarantee high standards for efficient customer service delivery, market discipline and ensure that consumers are treated fairly by financial institutions regulated by the CBN.”
Mr Dutse further that the apex bank, in furtherance of its mandate to promote a stable financial system, had to embark on the development of the initiative to amongst other things endear public confidence in the financial system.
He also said the CPF “shall form the bedrock for the establishment of a virile consumer protection regime in the industry, thereby enhancing financial inclusion and ultimately a stable financial system.”
The CPF defines the direction of the CBN on consumer protection and would lead to the development of various regulatory/supervisory instruments that would aid the achievement of the overall objective, he added.
He concluded that the CPF went through due consultations and engagement with the industry, other regulators and stakeholders including consumer advocacy groups, civil society and the general public.
