The Central Bank of Nigeria (CBN) has advised bank customers to ensure they properly understand any bank product before subscribing to them. Mohammed Muazu, the Head Complaints Management Division, Consumer Protection Department of the CBN, said this in Lagos on Friday. He gave the warning at the 2024 workshop for members of the Financial Correspondents Association of Nigeria (FICAN) organised by the Nigeria Deposit Insurance Corporation (NDIC). Muazu said that many customers had bought into some banks products without understanding their terms and conditions before subscribing. He said the development had resulted to the continuous rise in the number of complaints received by the CBN from banks customers. Muazu said that proper understanding of any bank product would enable customers make informed decisions. 'You have the right to understand any product that a bank is offering you before you buy or sign it. 'There are different variants of Automated Teller Machine (ATM) cards. 'You have to know the one that a bank gives you before you collect,' he said. On incessant bank charges, he urged customers to study the CBN's guide to bank charges to know how much they should be charged for any transaction. Muazu advised customers to always study their online bank statements sent by their banks to check variations between the CBN's guidelines and realities. Presenting a lecture with the title: 'Nigerian Banking Consumer Protection: The Roles of the Media' , Muazu said that one of the key roles of consumer protection in a financial system was building trust and confidence. See also 3.8m farmers benefit from CBN Anchor Borrowers' Programme -Director He said that effective media could significantly enhance consumer protection by holding financial institutions accountable, educating the public and influencing regulatory actions. Muazu listed the impacts of effective media reporting in banking consumer protection to include public trust and pressure of financial institutions for accountability. Others are empo werment of consumers and encouragement of transparency in the financial system. Source: News Agency of Nigeria
Related Posts
Chad Stahelski shocked to land The Matrix Resurrections acting role
Published by BANG Showbiz English Chad Stahelski was stunned to be given an acting role in ‘The Matrix Resurrections’. The…
Francophonie: International Summit opens in France after 33 years
On October 4 and 5, France will host the 19th Francophonie Summit in Villers-Cotterêts and Paris. Heads of state and international representatives will discuss political, economic and cultural issues, with the aim of “creating, innovating and underta…
Planned protest: NSCDC urges personnel to exercise restraint
Dr Ahmed Audi, Commandant-General (CG), Nigeria Security and Civil Defence Corps (NSCDC), has urged personnel of the corps to exercise restraints during the Aug.1 planned nationwide protest.
Audi gave the charge while addressing State Commandants and…