The Central Bank of Nigeria (CBN) has directed banks, payment service banks, and other financial institutions to immediately remove advertisements that breach consumer protection regulations. The move follows a review of marketing practices in the financial sector, which revealed inconsistencies in disclosure, transparency, and fair-marketing standards.
The directive, issued in a circular on Thursday and signed by Olubunmi Ayodele-Oni, director of the CBN Compliance Department, instructs institutions to ensure that future adverts are factual, balanced, and transparent. The CBN specifically banned exaggerated claims, incomplete information, unaudited financial results, comparative statements that could disparage competitors, and chance-based promotions such as lotteries, prize draws, and lucky dips.
Financial institutions submitting adverts for prior notification must now provide campaign timelines, creative materials, target audience information, and written confirmation that the content has cleared internal legal and compliance reviews. Proof of CBN approval for the underlying product is also required. The regulator clarified that these notifications are for monitoring purposes only and do not constitute formal approval.
All affected institutions are expected to submit a compliance attestation within 30 days, signed by both their chief executive and compliance officers. Starting January 2026, the CBN will conduct follow-up reviews and enforce sanctions for any violations under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Consumer Protection Regulations.