CBN Customers’ Bill of Rights outlines bank users’ entitlements and duties, aiming to enhance protection, trust, and financial inclusion in Nigeria

CBN Customers’ Bill of Rights has been introduced by the Central Bank of Nigeria (CBN) to safeguard millions of Nigerians in the banking system, strengthen financial trust, and expand inclusion.

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With more than 66 million Nigerians now enrolled on the Bank Verification Number (BVN) system, the CBN said the need to enlighten customers about their rights and responsibilities has never been more urgent.

The document, unveiled at the recent CBN Fair in Lagos, describes the bank customer as “the most important person in the economy,” outlining rights such as:

Right to be informed — Banks must disclose truthful and complete information on products, services, and charges before any contract.
Right to safety — Customers are entitled to secure, hazard-free banking environments.
Right to privacy — Information must remain confidential unless disclosure is legally required or consented to.
Right to redress — Customers can lodge complaints through free, transparent, and efficient mechanisms, including escalation to the CBN or courts.
Right to equality — All customers must be treated fairly, regardless of gender, age, or financial standing.
Right to free monthly account statements.

But like a “king with duties,” customers also bear responsibilities: protecting banking instruments, repaying credit facilities on time, providing factual information, reporting fraud promptly, and maintaining personal safety of their assets.

CBN Governor Olayemi Cardoso stressed that the apex bank will maintain a zero-tolerance approach to compliance violations, intensify market surveillance, and continue building customer protection into financial system stability.

At the Lagos fair, CBN Acting Director of Corporate Communications, Hakama Sidi Ali, highlighted initiatives such as the Unified Complaints Tracking System and USSD code verification for licensed institutions, which enhance transparency and empower consumers.

She noted that the bank’s reforms—including forex unification, clearing of \$7bn FX backlog, and recapitalisation of banks—are already boosting financial inclusion and positioning Nigeria towards a \$1 trillion economy.

Sunday Daibo, CBN Branch Controller in Lagos, added that alternative payment channels such as mobile money, USSD, internet banking, and digital wallets are breaking barriers for farmers, small businesses, and young entrepreneurs across Nigeria.

“Our task is clear,” Daibo said. “To promote these channels as tools for bridging economic divides, boosting productivity, and strengthening the resilience of our financial system.”

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The launch of the CBN Customers’ Bill of Rights marks another step in the regulator’s push to protect Nigerians and deepen financial inclusion in a rapidly evolving banking landscape.