CBN releases updated bank customers’ bill of rights

As part of its consumer protection initiatives, the Central Bank of Nigeria (CBN) has published a fresh document that highlights that a bank customer has a right to be informed, right to choose, right to safety, right to privacy and confidentiality, and the right to redress in the country’s financial ecosystem.

The CBN, Thursday, August 14, 2025, released the updated Bank Customers’ Bill of Rights to further protect consumers of financial products and services, in Lagos.

The report, released at the “CBN Fair” with theme: “Driving Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development”, emphasized that a bank customer has a right to be informed, to choose, to safety, to privacy and confidentiality, the right to redress, right to good service, right to equality and right to free monthly statement of account in the country’s banking system.

The Bank’s 12-page document also listed certain obligations that a customer owes to his or her bank in Nigeria.

It stated such customers’ obligations include duty to financial obligations, duty to protect instruments and information, duty to provide factual information and not to mislead the bank, duty to report suspected fraud or error and duty of personal safety and safety of assets.

The document also described the customer as the most important person in the economy and every business succeeds only when the customer is happy.

The CBN, describing the customer as a king, said: “As a king, the customer has many rights. But a king also has duties which he owes himself and the society.

“In Nigeria, customers of banks have certain rights and duties guaranteed by law, regulation and conventions.”

The apex bank report also disclosed that a bank customer has a right to disclosure of information from his/her bank on products and services the bank offers.

The document stated: “The information provided must be complete, relevant and truthful.

“Your bank must explain to you your understanding of all contractual terms and charges prior to the consummation of any agreement or contract.”

The Bank added: “This right enables you to have relevant information in order to make rational choices.

“It amounts to a breach of right if your bank fails to provide this information or deliberately misleads you in any way.”

According to the banking sector regulator, bank customers also have a right to select from the range of products and services made available by your bank at competitive prices.

The Bank noted: “This means that as a customer, you can, at all times, decide on the product or service to accept/purchase and the ones to decline.

“It is wrong for a bank to restrict your choices or compel you to accept/purchase products or services that are ill-suited for your needs.

“Where you are not satisfied with your bank’s service delivery on any product or service, you have the right to end the contract or even the banking relationship provided you settle all outstanding commitments.”

The CBN also explained that the right to safety requires a bank to guarantee all its customers a secure and conducive banking environment devoid of threats to their safety and health in Nigeria.

The bank report noted: “You have the right to be reasonably protected from accidents while on the premises of your bank.

“You also have the right to be protected from negative effects of pollution of any kind whether arising from your bank’s operations or from other sources.

“It is necessary to stress that your bank is obligated to adhere strictly to applicable safety and directives to ensure that your safety and wellbeing are adequately guaranteed while you are on the premises of your bank.”

On consumers’ right to privacy, confidentiality

The CBN also highlighted the bank customers’ right to privacy and confidentiality.

The report noted that as a bank customer, one has the right to freedom from disclosure of your account details by your bank as intrusion into your account by a third party.

CBN underscores that a bank is not to divulge your account information to a third party; a bank must also protect customers’ information from unauthorised access by a third party.

The banking regulator, however, maintained that there are exceptions to this right where a bank is required by law to make disclosure; and where a customer consents to such disclosure of his or her information.

The document said: “A bank must provide its customers a redress mechanism to express their displeasure or grievance.

“The mechanism must be free, accessible, transparent, timely and convenient.”

The document equally stated: “You have a right to an efficient complaints management system through which you can lodge complaints against your bank.

“You also have the right to be kept abreast of the resolution process (acknowledgment, feedback, updates, and explanation) and ultimately, basis of decision.

“Where you are not satisfied with the decision of your bank, you have the right of review either by your bank, the Central Bank of Nigeria (CBN) or the court.”

The CBN, however, stated that all customers have a right to “value for their money”, which involves the right to be treated with respect and dignity by banks and their representatives across the country.

The report stated: “The hallmark of banking is customer satisfaction and as such your bank would have failed if it was unable to offer quality and value-adding banking services to you as a customer.

“Part of this right is that your bank must provide appropriate responses to your needs and complaints.”

Bank customers have the right to equality

The CBN explained that this right requires that a customer is treated equally as other customers regardless of differences in financial standing/deposit balance, physical ability, age, gender, ethnicity, or creed.

The apex bank hinted that it is wrong for a bank to offer preferential treatment to some customers at the expense of other similar kinds of customers.

However, Deposit Money’ Banks (DMBs) may decide to differentiate customers on account of the nature of products customers purchase or subscribe to.

Some customers, nonetheless, may benefit from certain privileges which are features of specific products or services.

There is also the right to free monthly statements of account.

“The provision of the Revised Guide to Bank Charges is that banks are required to provide their customers free statements of account on a monthly basis.

“This means that you have the right to get your monthly statement of account from your bank at no cost.

 It should be noted, however, that the Guide provides that any special request attracts a fee,” said the Bank.

Customers’ obligations to their banks

On the flip side, the CBN also highlighted customers’ obligations to their banks in the ecosystem.

 “This represents the cornerstone of your duties as a bank customer and involves the search for relevant knowledge that should lead you to make informed decisions and enhance your benefits.

“Without adequate knowledge, customers are bound to make ill-informed decisions which may precipitate an avalanche of complaints from customers against their banks,” it said.

The CBN said: “It is generally agreed that sophistication in the banking industry has tasked the understanding of even people that are financially literate; it is, therefore, your responsibility to ‘shine your eyes’ when dealing with your bank.”