The Central Bank of Nigeria (CBN) has directed banks, payment service banks (PSBs) and other financial institutions (OFIs) to immediately withdraw all advertisements and promotional materials which do not comply with existing consumer-protection regulations and, within 30 days, submit a compliance attestation.
It issued the instruction in a circular on Thursday, November 27, signed by the Director of the Bank’s Compliance Department, Olubunmi Ayodele-Oni.
The order followed a thematic review of advertising and marketing practices across the financial sector.
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The review showed “variation in how institutions interpret and apply the disclosure, transparency and fair-marketing requirements” in the Consumer Protection Regulations (2019) and the Guidelines on Advertisements by Deposit-Taking Financial Institutions (2000).
To address the issue, CBN ordered that financial institutions remove all non-compliant advertisements and ensure that future marketing materials are “factual, balanced and transparent”.
“To support smooth, industry-wide compliance with these standards, all institutions are directed to immediately withdraw advertisements and promotional materials that do not comply with existing regulations and submit within 30 days of this letter a compliance attestation jointly signed by the Managing Director/Chief Executive Officer, Executive Compliance Officer and Chief Compliance Officer,” CBN stated.
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The apex bank highlighted claims that could mislead consumers or obscure risks, including exaggerated benefits, incomplete information, unaudited financial statements and any comparative or superlative language that may amount to de-marketing competitors, which were prohibited.
It also banned promotional inducements such as lotteries, prize draws, lucky dips and other chance-based incentives.
The regulator instructed that financial institutions submitting adverts for prior notification must include the intended duration, timelines, creative materials, target audience, and written confirmation of internal clearance by legal and compliance departments, as well as proof that the underlying product or service has been approved by the CBN.
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It said, however, that such notifications “are strictly for monitoring and do not constitute its approval or endorsement”, warning that financial institutions remain fully responsible for ensuring adherence before publication.
The apex bank added that beginning in January 2026, it will conduct a follow-up review and impose sanctions for any breaches, in line with the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Consumer Protection Regulations.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
