Banking and financial services are at the heart of Nigeria’s economy, but they are not without challenges. From hidden deductions to delayed responses on complaints, many consumers often feel powerless against large institutions. This episode of Legal Matters took a closer look at how the law seeks to balance the scales between banks and their customers.
⚖️ Legal Framework
CBN Consumer Protection Framework (2016): Outlines the rights of customers, including clear communication, fair treatment, and dispute resolution.
FCCPC Act (2018): Provides general consumer protection across industries, including financial services.
Banking guidelines also require disclosure of charges, transparency in contracts, and fair lending practices.
🏦 Common Issues Consumers Face
Unexplained or hidden charges on accounts.
Delayed or failed electronic transactions.
Excessive interest rates on loans.
Slow resolution of disputes, leaving customers stranded.
These practices erode trust and can discourage financial inclusion, especially among vulnerable groups.
🔍 Enforcement Challenges
Despite strong laws, enforcement remains a problem. Many consumers are unaware of their rights or lack the resources to escalate complaints. Banks sometimes exploit this gap, prolonging disputes or avoiding accountability.
📢 Institutional Roles
CBN sets industry rules and supervises banks.
FCCPC handles cross-sector consumer complaints.
Banking Ombudsman services provide mediation, but awareness is still low.
✅ Final Takeaway
The episode highlighted that consumer protection is not just about having laws on paper — it’s about ensuring those laws work in practice. Nigerians are encouraged to know their rights, document complaints, and pursue redress through proper legal and regulatory channels.