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 Central Bank of Nigeria (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.
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 empowerment of consumers and encouragement of transparency in the financial system.