CBN Tell Banks Make Dem Withdraw Misleading Adverts And Others

Di Central Bank of Nigeria don yan say all banks, payment service banks, and other regulated financial institutions suppose immediately comot any advert or promo material wey no follow di correct consumer-protection and fair-marketing standards. Di circular wey dem release on Thursday and sign by Olubunmi Ayodele-Oni on behalf of di CBN Compliance Department talk say di industry review show say plenty banks dey misinterpret how dem suppose do disclosure, transparency, and fair-marketing under di Consumer Protection Regulations 2019 and di 2000 Guidelines on Advertisements by Deposit-Taking Financial Institutions. Di review show say many institutions dey publish adverts wey dey exaggerate benefits, hide important info, obscure risks, or dey use unaudited financial statements. CBN yan say this kain things dey mislead customers, distort market competition, and spoil di integrity of di financial system.

Di apex bank yan say all adverts must dey factual, balanced, and transparent. E yan say any comparative, superlative, or de-marketing statements, direct or implied, no dey allowed. Dem ban promo inducements like lotteries, lucky dips, prize draws, and other chance-based incentives because e fit make consumers rush into financial decisions without knowing di wahala. Banks dem must now submit detailed notification to CBN before any advert dey released, including duration, creative content, intended demographic and geographic targets, plus written confirmation from both compliance and legal. E still talk say dem must show say di product or service don already get CBN approval. Di notification na just for monitoring, no mean say CBN dey approve di advert. All institutions must withdraw any advert wey no follow di standards immediately, and within 30 days, submit compliance attestation signed by di MD/CEO, Executive Compliance Officer, and Chief Compliance Officer to confirm say all adverts meet regulatory requirements. From January 2026, CBN go follow-up to check compliance, and anybody wey violate di rules go face sanctions under di Banks and Other Financial Institutions Act 2020 and Consumer Protection Regulations. CBN still yan say dem dey committed to fairness, transparency, and responsible marketing practices for di financial system.